May 2, 2012

75,000 People Demand Bank Of America End Its Political Donations

Bank of America will be holding its annual shareholder meeting in Charlotte, North Carolina, on May 9th. A group of shareholders led by Trillium Asset Management will be introducing a resolution calling on the megabank to cease all political donations, as these “contributions can backfire on a corporation’s reputation and bottom line.” For example, retail giant Target took a hit in the stock market for spending cash on anti-gay politicians. launched a petition to support the shareholders’ demands. The petition reached 75,000 signatures, and will be presented next week at the shareholder meeting.

“Americans are fed up with large corporations thinking they can buy our elections,” said Taren Stinebrickner-Kauffman, founder and executive director of, the group running the petition, “especially when you consider that Bank of America needed our dollars to stay afloat after helping crash the economy, we are especially angry that they would donate to Super PACs that aim to elect people who will put Wall Street before Main Street.”

Indeed, Bank of America, which has received billions of dollarsin taxpayer funds as a part of federal bailouts, has been a huge political spender, donating $1,699,946 so far this year to federal political candidates. It is also no doubt giving money to advocacy groups like the Chamber of Commerce, but it’s difficult to decipher exactly how much it is donating.

  • really

    Bank of America was forced to absorb Countrywide with its horrible problems- why has this company become the left’s poster child?

    • la

      Bank of America was not forced to buy Countrywide. They sought Country wide out and as near as I can tell didn’t do due digilance in looking at the loans of Countrywide.

  • Thank you for introducing me to What a great idea! It makes sense that we should be able to persuade the people we are ELECTING to stop campaign contributions, but it appears that a break might actually be in the reverse approach. Unbelievable.

  • LA

    Everyone who owns shares of Bank of America should vote to imposse limits on how their money can be spent by the corporation. If you have a retirement account or own shares in a mutual fund you probably own shares of BA. Don”t throw away those Vote things you get in the mail.