senator for 24 years during his tenure as owner of the Milwaukee Bucks. Kennedy's 1968 presidential bid who then served as chairman of the Democratic National Committee. Kennedy's campaign, Lyndon Johnson's landslide victory in 1964 and Robert F. He's most notable as a leading political operative central to John F. Larry O'Brien, the namesake of the trophy presented to the Los Angeles Lakers in October, was NBA commissioner in the twilight of his professional career. The NBA has long had a place in high-level American politics. Money, as the saying goes, is the mother's milk of politics. One can debate the efficacy of the free media attention surrounding an event starring a person with James' recognition, but cold cash has a way of buying tangible resources for a national campaign. While LeBron James appeared at a Cleveland rally for Hillary Clinton in 2016, NBA owners were pouring millions into the campaigns of her and her opponent, Donald Trump, directly and indirectly. That's enough to blanket a market like Cincinnati or Raleigh with television ads for a couple of days. An enthusiastic young supporter of an insurgent candidate might send off a $20 contribution to a campaign, but those with a large fortune cut checks for hundreds of thousands of dollars to national political parties and partisan super PACs. Waters received $2,500 from Silicon Valley Bank’s PAC 2020 when she led the Financial Services Committee.Editor's note: This is one in a series of six pieces that shows how professional sports owners in America contribute to political campaigns, why they spend millions in the space and what that financial power means as athletes across sports continue to embrace activism of their own.īILLIONAIRES OPERATE DIFFERENTLY from the rest of us. Silicon Valley Bank, along with a few other banks, has given Democrats over a million dollars since 2017. Maxine Waters (D-Calif.), ranking member on the House Financial Services Committee, also said Tuesday that she would be returning contributions she received from Silicon Valley Bank, according to Politico. SVB, Signature Bank and Credit Suisse collectively donated $198,926 to Joe Biden’s 2020 presidential campaign compared to just $17,597 to former President Donald Trump in 2020, The Post found. Kevin O’Leary grilled on why he kept money at SVB if management were ‘idiots’. Goldman Sachs lost $200M in recent US banking chaos: report.Ex-Silicon Valley Bank CEO Greg Becker jets to Hawaii after collapse.The banks - through their employees and affiliated PACs - have given Democrats over a million dollars since 2017, compared to less than $750,000 to Republicans over the same period.įollow The Post’s coverage of Silicon Valley Bank’s collapse Since 2016, three floundering financial institutions, Silicon Valley Bank, Signature Bank and Credit Suisse, have donated $89,322 to the Democratic National Committee, as well as tens of thousands to the individual Senate campaigns of Schumer and several other Democratic lawmakers, according to The Post’s review of fundraising data. Chuck Schumer’s campaign benefitted from a $2,700 contribution from Silicon Valley Bank’s political action committee in 2015, FEC filings show. Schumer’s office did not immediately respond to The Post’s questions about which specific charities received funds. The New York Democrat received the maximum allowable individual contribution of $5,800 from former Silicon Valley Bank CEO Greg Becker in June 2021, and Schumer’s campaign benefitted from a $2,700 contribution from the failed bank’s political action committee in 2015, FEC filings show.Ī spokesperson for Schumer informed news outlets on Tuesday that all political donations linked to Silicon Valley Bank have been given to charity.ĬNBC reported that Schumer planned to send the contributions to New York-based organizations. Senate Majority Leader Chuck Schumer has rid himself of political contributions tied to the failed Silicon Valley Bank, giving the campaign funds to charity, according to multiple reports on Tuesday. Politicized DAs, bring back ‘Crossfire’ and other commentary The Fed should heed the IMF’s credit-crunch warning before throwing us into a hard economic landing Here’s why Warren Buffet isn’t panicking about banking industry Biden’s approach to financial crisis: make too-big-to-fail banks even bigger
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