Editorials: How corporate PACs deal with bad PR | Politico.com

When it comes to campaign donations, corporations that suddenly find themselves crosswise with Congress know the playbook. First, immediately cut off political action committee contributions. Second, refuse to talk about your campaign contributions. Then, after perhaps taking some lumps at congressional hearings and spending a few months in the political wilderness, quietly begin cutting checks again as if nothing happened. Such appears to be the case for JPMorgan Chase, which is under fire for losing $2 billion on trades tied to credit derivatives — financial tools that helped damage the U.S. financial system late last decade. Its PAC typically contributes hundreds of thousands of dollars to federal candidates and committees each election cycle but it hasn’t donated a reportable dime to candidates since May 7, according to federal campaign filing.
In recent years, BP, Goldman Sachs and News Corp.’s American subsidiaries all went down a similar road, turning off their political cash spigots while under the hot glare of the congressional, media and law enforcement spotlight. Rep. Charles Gonzalez (D-Texas) received — and promptly returned — a $1,000 BP Corporation North America PAC contribution he got less than a month after the Deepwater Horizon drilling platform explosion of April 20, 2010.
Full Article: How corporate PACs deal with bad PR – Dave Levinthal – POLITICO.com.