JPMorgan better at hedging political bets than financial investments?By Lindsay Young May 15 2012 12:42 p.m.
JPMorgan Chase & Co. may have lost a $2 billion dollar bet on the markets, but the investment giant's campaign contributions show a much more conservative approach, featuring mega contributions to both political parties -- and both of this year's leading presidential candidates.
The company and its employees have been generous donors to political campaigns. JPMorgan's political largesse has totaled more than $21 million since 1991, according to Influence Explorer. The Center for Responsive Politics lists the storied bank as one of President Obama's top 2008 donors; his haul that year made him the top recipient of JPMorgan & Chase campaign contributions in the 2008 cycle, according to Influence Explorer, trailed by his presidential rivals, then-Democrat Sen. (and now Secretary of State) Hillary Clinton and Republican Sen. John McCain.
But Obama, who just this week described JPMorgan as one of the nation's "best-managed banks," appears to have fallen out of favor with the house of Morgan: In the current campaign cycle, the top recipient from JPMorgan interests is Mitt Romney. Contributions from JP Morgan interests to Mitt Romney total $356,400. Contributions to Obama total $64,000.
JPMorgan CEO Jamie Dimon, who faced angry stockholders Tuesday, is a political heavy hitter: He's contributed $35,000 to the company PAC and $203,000 to political entities, including $55,000 to the Democratic Senatorial Campaign Committee, and $10,000 to the Democratic Congressional Campaign Committee. According to Center for Responsive Politics, he gave $50,000 to help pay for Obama's inaugual. His top individual recipients include big-name Democrats: Senate Majority Leader Harry Reid of Nevada, as well as two former senators: Clinton, who represented New York, and and Chris Dodd, who retired last year after 30 years as Connecticut's senator and became head of the Motion Picture Association of America.
But Dimon, who described himself Sunday on NBC's Meet the Press as "barely a Democrat," has also given plenty to Republicans, including $4,000 to Sen. Rob Portman, R-Ohio, the current hot prospect for the GOP vice presidential nomination.
Ina Drew, the executive who took the fall for Morgan's costly gaffe, has made $85,000 in political contributions during the last 12 years, $39,000 of which went to JPMorgan's political action committee. She also contributed $8,000 to the National Republican Senatorial Committee. Her top individual recipients were Clinton, who got $2,300 from Drew, and Senate Minority Leader Mitch McConnell, R-Ky., $4,000.
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