Goldman Rejects Proposal That Firm Run for Elected Office
By Michael J. Moore - Mar 25, 2013 1:22 PM ET
Goldman Sachs Group Inc. (GS), the investment bank nicknamed “Government Sachs” because of senior executives who have moved into public posts, won’t be entering politics itself.
A shareholder proposal that the New York-based company run for office instead of funding political campaigns was discarded, according to a letter last month from the Securities and Exchange Commission, which agreed the firm can exclude the measure from its annual meeting.
Harrington Investments Inc. President John Harrington submitted the proposal last year, saying the $6.39 million in 2012 political contributions from the firm’s employees risks doing more harm to its reputation.
He said the bank should explore running for office, using a U.S. Supreme Court ruling that corporations have similar political rights to individuals.
“It would be less damaging to the integrity of our political system and our company, for our corporation to directly run for office as a person under federal or state law, than to continue in the current form of political participation,” Harrington wrote in the proposal.
Goldman Sachs said in a letter to the SEC that it “currently has no involvement, never has had any involvement, and has no plans to become involved in the business of running for political office.”
The bank also said that its political action committee is funded by voluntary employee contributions, not shareholder money. The Supreme Court’s 2010 Citizens United ruling gave corporations the same rights as individuals to spend money independently to support candidates.
more:
http://www.bloomberg.com/news/2013-03-25/goldman-rejects-proposal-that-firm-run-for-elected-office.html
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