Debt Free

After looking at the recent campaign contributions of several CEO’s of Dow Jones Industrial Average component companies, preliminary data indicated that they were not all the right wing Republicans many would expect. Many CEOs gave substantially to both party’s candidates, but usually more to one side than the other. Most gave at least as much to one or more PACs as well. There were a few mucky mucks that did, in fact favor one party over the other almost exclusively, but they were in the minority. All in all, Republican-leaning CEOs were in the majority, but it wasn’t the landslide we’ve been conditioned to expect with the regard to the political orientation of big business leaders. 

You’d not be surprised to find that Rex Tillerson, head of Exxon-Mobil, gave exclusively to Republican candidates and causes. Well, he did. Tillerson, over the last four years, donated $15,000 to Republican candidates or committees. He slid another 10Gs to the Exxon-Mobil CORP. PAC, which you’d have to believe was heavy on the Republican side of the aisle.

Jeffery Immelt, top dog a General Electric was definitely a Elephant rider, but he was more balanced than Rex. Throughout the last 4 years, Jeff saw fit to shower Republican candidates with a shade over $10,000 in contributions. During the same time period, he slid some the Democrat’s way too, but almost always to Democrat big-wigs. He gave Senator Daschele’s campaign $1,000 in 2004 and Harry Reid another $1,000 in 2003. Also in 2003 he gave Patrick Leahy $1,000. Additional contributions to Democratic candidates totaled $2,250. Where Mr. Immelt really shined, however, was in his generosity toward various PACs, most notably the Bluegrass Committee and the GE PAC. His total giving for all PACs during the period was over $65,000.

I haven’t penetrated the inner workings of the General Motors PAC, so I can’t say what way they may point politically. Rick Wagoner, Chairman of GM must be fan though, as he donated about $25,000 to them between 2002 and the present. His direct contributions were fairly well balanced, but tended to slightly favor Democrats, $6,500 to $6,000 to Republicans. He also gave the RNC $1,000 in 2004.

He must have a special affinity for Max Cleland (D), to whom he gave $1,480. The rest of his contributions however went entirely to Republicans and Republican committees. The “He” in this case is Bob Nardelli, top of the heap at Home Depot.  He’s donated a little over $14,000 to Republican candidates for office since 2002. He gave much larger donations to the RNC, $20,000 in 2004 and $25,000 in 2003.

David Cote, main man at Honeywell Inc., isn’t a huge donor, but what does give directly to candidates campaigns goes exclusively to Republicans. He gave $2,000 to the Bush / Cheney campaign in 2000 and $5,000 to Annie Northrup [R] for congress between 2000 and 2006. As seems to be typical of large business executives, he also donated to his firm’s PAC, with $5,000 donations in both 2003 and 2002.
 

He gave $1,000 to Diane Fienstein in 1999, but hey, nobody’s perfect! That would be Paul Otellini, for the last year CEO of Intel Corp. Other than that, he has made Republican donations, but not many. He donated $2,000 to Orin Hatch’s campaign this May and $1,000 to John Ensign’s campaign in 2004. Other than that, all of Mr. Otellini’s donations and contributions have been to either the Intel PAC or the Technology Network PAC, the combined total of which have been $14,000 over the last four years.

Next up is Sam Palmisano, CEO of computer giant IBM.  He’s another CEO who believes in giving a little to both parties, but making the donations count. On the Democrat side, he gave to Nancy Pelosi ($1,000) and Chuck Schumer ($3,000) from 2002 until the present. To Republican candidates he’s given $5,000 over the same period, including $2,000 to the Bush presidential campaign in late 2003.

There is a trend emerging, but we'll wait and see what the other firm's CEOs tell us in a later post.