Corporate Giants Shower Trump’s Inaugural Committee with Millions
As President-elect Donald Trump prepares to take office, top CEOs and companies are opening their wallets to donate millions to his inaugural committee. The list of donors includes Jeff Bezos, Mark Zuckerberg, and Elon Musk, among others, who are seeking to curry favor with the incoming administration.
A Unique Opportunity for Influence
According to Brendan Glavin, director of research for OpenSecrets, Trump’s inaugural committee presents a “unique opportunity” for corporations and power brokers to gain influence with the new administration. With no limits on individual or corporate donations, the committee has already surpassed a $150 million fundraising goal.
Tech Giants Come Out in Force
Unlike Trump’s first inauguration, tech giants are now eager to support his second term. Bezos, who clashed with Trump in the past, has pledged $1 million to the committee, saying he’s “very optimistic” about working with the president-elect to reduce regulation. Elon Musk, who spent over $250 million helping elect Trump, has been tapped to lead an advisory group tasked with cutting government costs.
Fear of Retribution Drives Donations
Experts believe that these corporate leaders are motivated by a desire to avoid being on the wrong side of Trump. “They very much fear that Donald Trump may take retribution against them,” said Craig Holman, government affairs lobbyist for Public Citizen. “So they’re throwing money at his feet in order to curry favor.”
A History of Lavish Inaugural Spending
Trump’s inaugural committee is on pace to shatter records, with pledged contributions already surpassing $150 million. This is not surprising, given the president-elect’s reputation for extravagance. In 2017, his inaugural committee raised a record $107 million, with much of the funds going towards lavish events and hotels.
Lack of Transparency Raises Concerns
While inaugural committees are required to disclose donor names, the process can be opaque. In 2017, it was unclear what happened to much of the surplus funds raised by Trump’s committee. Federal filings showed that roughly a quarter of the funds were paid to a newly created firm run by an adviser to Melania Trump.
A “Cesspool of Buying Favors”?
Critics argue that the influx of corporate donations to Trump’s inaugural committee is a symptom of a larger problem. “This is a real cesspool of buying favors,” said Holman. With so much money flowing into the committee, it’s unclear what kind of influence these donors will have over the new administration. One thing is certain, however: Trump’s inaugural committee is shaping up to be one of the most lucrative in history.
Leave a Reply