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business newsWhich Companies Said 'No' to Washington Gridlock?
By
Diane Bullock
Sep 07, 2011 10:45 am
Leaders in the business community vow to stop contributions until Washington shapes up on the debt.
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That sentiment could have been expressed by any one of the 87 percent of ordinary American citizens who disapprove of the job Congress is doing or the 51 percent unhappy with Barack Obama’s performance (the lowest approval ratings of his presidency).
But it carries a whole lot more weight coming from Starbucks (SBUX) CEO Howard Schultz. Especially when he’s putting his money where his rhetoric is -- and has influenced over 100 other business leaders like AOL’s (AOL) Tim Armstrong; J. Crew Group’s Millard Drexler; NYSE Euronext (NYX) CEO Duncan Niederauer and Bob Greifeld CEO of NASDAQ OMX Group, Inc. (NDAQ) to do the same.
Schultz is leading a national charge against the ongoing debt standoff in Washington and the budget and stimulus bickering that has gripped job creation, small businesses and consumer confidence in a stranglehold. Schultz has promised to break through the brick wall that is our Congressional leadership with the single most powerful wrecking ball: the one made of money.
In an email to customers last Friday, Schultz outlined his two-part pledge:
“First, to withhold political campaign contributions until a transparent, comprehensive, bipartisan debt-and-deficit package is reached that honestly, and fairly, sets America on a path to long-term financial health and security. Second, to do all we can to break the cycle of economic uncertainty that grips our country by committing to accelerate investment in jobs and hiring.”
Schultz has been an active personal donor over the years with tens of thousands in contributions to over a dozen, mostly Democratic, politicians. Recipients of Schultz's money include Washington senators Maria Cantwell and Patty Murray as well as 2008 presidential candidates Barack Obama, Hillary Clinton and John Edwards. He made a $50,000 contribution to the Democratic National Committee in 2000.
Schultz did well to recruit AOL chairman and CEO Tim Armstrong, whose corporation has been a heavy hitter in American politics for decades. Since 1990, AOL Time Warner has spent over $13 million in individual and political action committee money to the campaigns of both Democratic and Republican candidates.
In addition to emailing his customers, Schultz has spread the word about his cause via a full-page ad in Sunday’s New York Times encouraging business leaders to visit Upward Spiral, a Schultz-owned website dedicated to restoring confidence in the U.S. economy. Schultz also invited leaders to participate in his Conversation With America which took place last night.
Thus far, nearly 17,328 Americans have join Schultz’s effort to boycott the political contribution process and 2,496 companies have pledged to invest in jobs and start hiring employees, “to do everything [they] can to accelerate job creation before the end of 2011.”
Given political campaigns’ insatiable need for money, Washington would take a much bigger hit if Starbucks withdrew the more than $3 million it’s spent on lobbying since 2004. We won’t hold our coffee breath for that one.
Upward Spiral’s Key Supporters:
- Howard Schultz, Chief Executive Officer, Starbucks
- Tim Armstrong, Chairman and CEO, AOL
- Millard Drexler, Chairman and CEO, J. Crew Group
- Matthew Addy, Chief Executive Officer, Edward J and Co.
- Elizabeth Amini, Co-Founder & CEO, Anti-AgingGames.com
- Eric Becker, CEO and Co-Founder, Sterling Partners Private Equity
- Mary Bennett, Chief Financial Officer, UltraSystems Environmental
- Warren Bennis, Founding Chairman, The Leadership Institute at USC
- Gershon Bergwerk, Business Leader, Gershon Bergwerk Company LLC
- Gil Van Bokkelen, Chief Executive Officer, Athersys, Inc. (ATHX)
- Erik Bolog, Managing Director, Tenacity Workout Services
- Carey Cooper, Leader, Danaco Solutions LLC, Cooper Management LLC
- Paul Daneshrad, Chief Executive Officer, Starpoint Properties
- Brad Davis, General Manager, Mobile Force Refueling
- Bill DeLay, Business Owner, Parallel Sales
- Dan DiMicco, Chairman and CEO, Nucor Corp (NUE)
- William Etkin, President, Etkin & Company, Incorporated
- David J. Field, President and CEO, Entercom Communications Corp. (ETM)
- Robert Fisher, Retired, Business Leader
- Dorothy J. Flynn, Chief Executive Officer, Risk Compliance Performance Solutions, LLC
- Gavin M. Gear, Business Leader, Ndal Manufacturing Industries, Inc (USA)
- Guy Gecht, Chief Executive Officer, EFI (EFII)
- Mesh Gelman, Partner, Extreme Linen
- Najeeb Ghauri, Chairman and CEO, NetSol Technologies, Inc. (NTWK)
- David Glickman, Managing Principal, SYPartners
- Seth Grae, President & CEO, Lightbridge Corporation (LTBR)
- Ron Graves, CEO, Board Member, Pinkberry
- Bob Greifeld, Chief Executive Officer, NASDAQ
- Scott Griffith, Chairman and CEO, Zipcar, Inc. (ZIP)
- Murray Gross, Chief Executive Officer, U.S. Home Systems, Inc.
- Mike Harlan, CEO, President and Director, Breeze Eastern (BZC)
- Matthew J. Harrington, President and CEO, Edelman U.S. (EF)
- Alan Hassenfeld, Retired Chairman and CEO, Hasbro, Inc.(HAS)
- Paul Heppner, President & Publisher, Encore Media Group
- Doug Hertz, CEO and President, United Distributors, Inc.
- James A. Hyde, CEO and President, NTelos Holdings Inc.(NTLS)
- Kevin Johnson, Chief Executive Officer, Juniper Networks (JNPR)
- Scott Kauffman, Chairman, Lotame / Mintbox / Ology / Tune-up Media
- Frank Kissel, Chief Executive Officer, Peapack-Gladstone Financial Corporation (PGC)
- Mats Lederhausen, Chief Executive Officer, BeCause
- Olden Lee, Retired Executive, PepsiCo, Inc. (PEP)
- Eric Lefkofsky, Founder, Managing Partner, Lightbank
- Ted Leonsis, Founder - Chairman - Majority Owner - CEO, Monumental Sports & Entertainment
- Larry Lessans, President, Chesapeake Spice Company
- Dan Levine, Chief Executive Officer and President, K & L Distributors, Inc.
- Dan Levitan, Co-Founder and Partner, Maveron, LLC
- Daniel Lewis, CEO, Founder, Chairman, and Managing Partner, Orange Capital Asset Management
- Jack Lief, Chairman, President and CEO, Arena Pharmaceuticals, Inc. (ARNA)
- David Lubars, Chairman, CCO, BBDO
- Susan Lyne, Chairman, Gilt Groupe
- Peter MacGill, President, Pace/MacGill Gallery
- Lisa Maulhardt, Managing Principal, SYPartners
- Pete McCormick, Partner, Maveron, LLC
- Marsha McKim, President, Management Performance Associates
- Herb Miller, CEO and Chairman, Western Development Corporation Real Estate
- Len Moodispaw, Chief Executive Officer, KEYW (KEYW)
- Eric Morgan, Owner, Centurion Private Security
- Todd Morgan, Chairman, Bel Air Investment Advisors
- Jim Morris, Chief Executive Officer, Lecere Corporation (LCRE.PK)
- Stuart Muszynski, President & CEO, Project Love - Purple America
- Miles S. Nadal, Chairman and CEO, MDC Partners Inc. (MDCA)
- Duncan Niederauer, Chief Executive Officer, NYSE
- Edward Pantzer, Chairman and CEO, Pantzer Properties, Inc.
- Andrew Paul, Managing General Partner, Enhanced Equity Fund
- Mary Pearia, Business Owner, Mulberry Tree Marketing
- John Pepper III, CEO and Co-Founder, Boloco
- Mike Postal, Chief Executive Officer, Tenacity Workout Services
- Bill Predmore, Founder and President, POP
- Gerald Rafshoon, Founder, Unity08
- Josh Rales, Founder and Managing Partner, RFI Associates
- Harry Rittenour, President and CEO, Perceptron, Inc (PRCP)
- Walter Robb, Co-CEO, Whole Foods (WFMI)
- Daniel Rose, Chairman, Rose Associates Real Estate
- Fredric Rosen, Co-CEO, Outbox Enterprises
- Clark M. Rountree, Business Owner, Rountree and Associates, LLC
- Kevin P. Ryan, Founder and CEO, Gilt Groupe
- Matthew Segal, Founder, Our Time
- Louis Shapiro, President and CEO, Hospital for Special Surgery
- Jamie Shennan, Retired General Partner Emeritus, Trinity Ventures
- Bart Shuldman, Chairman and CEO, Transact Technologies (TACT)
- Irwin Simon, President, CEO and Chairman, Hain Celestial Group (HAIN)
- Peter Sims, Author & Entrepreneur
- Martin Slark, Chief Executive Officer, Molex Incorporated (MOLX)
- Norman C. "Butch" Smiley, President and CEO, Community Bank (CFFC)
- Harvey Spevak, Chief Executive Officer, Equinox Holdings
- Jay Stein, Founder and Chairman of the Board of Directors, Stein Mart (SMRT)
- Barry Sternlicht, CEO and Chairman of the Board, Starwood Capital Group (STWD)
- Robert Stilin, Robert Stilin, LLC
- Blair Taylor, President and CEO, Los Angeles Urban League
- Steve Taylor, President and CEO, Natural Gas Services Group (NGS)
- W. E. "Bill" Thompson, President, T Paradigm, Inc.
- Myron E. Ullman, Chairman and CEO, JCPenney Company (JCP)
- Craig Weatherup, Retired CEO, PepsiCo, Inc. (PEP)
- Fred Wertheimer, Founder and President, Democracy 21
- Maggie Wilderotter, Chairman and CEO, Frontier Communications (FTR)
- Dave Wirtschafter, Co-CEO, President and Director, William Morris Agency
- Jim Wright, Chief Executive Officer, Tractor Supply Company (TSCO)
- John Yamin, Chief Executive Officer, LaBrea Bakery
No positions in stocks mentioned.
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