In the third and final part of FO Week’s series on industry-related political action committees (PACs), Jim Kharouf takes a look at banks and industry PACs to see how much and where they contribute money
Banks representing eight of the top ten futures commission merchants in the US have collectively spent over $3.7m on federal election campaigns in the 2007-2008 election cycle, an FO Week analysis shows.
Data collected in an exclusive three part series by FO Week on election spending, showed that the top banks by FCM ranking, which included JPMorgan Chase, UBS, Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse, Merrill Lynch and Lehman Brothers still have a combined $2.14m in cash on hand to spend on the upcoming fall elections. If they spend it all, the group of banks would still fall short of the $7.35m it collectively spent in the prior 2005-2006 election cycle....