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If you haven’t already seen Apple’s new credit card, it’s pretty slick looking.  Obviously, the look of a credit card shouldn’t matter too much. But as with everything Apple, the card’s design is impressive. Take a look for yourself:

Of course, when choosing a credit card, you have to consider more than just how a credit card looks: you need to compare interest rates, fees, perks, and how many businesses accept it.

Apple does fairly well on those fronts too.

The interest rates are comparable to most credit cards. There are no annual fees. It’s accepted everywhere Mastercard is accepted. And as for perks, they’re pretty good (but not outstanding). You get 2% back on purchases you make using Apple Pay (in your phone) when you have the card, and 3% when you buy certain products from Apple. For regular everyday purchases with the card itself, you get 1%. Here’s a more detailed Wall Street Journal analysis, if you’re interested.

But why should Democrats in particular make the switch?

Because credit card companies donate a ton of money to politics—and most of that money goes to Republicans. In other words, if you are a Democrat, and you don’t want a portion of the fees and interest you pay to your credit card companies (and the fees they collect from vendors) to go to Republican candidates you don’t support, then the Apple Card is right for you.

Of all of the categories in our rate yourself political shopping survey, credit cards have one of the highest impacts on politics. Check our credit card category, and you’ll quickly see that all of the major credit card companies either heavily lean Republican or donate a lot of money to Republicans.

Apple and its senior employees, on the other hand, donate over 92% to Democrats.

Now, to be fair, Apple has partnered with Goldman Sachs, who has a more muddled political profile, to bring its credit card to market. But no other credit card company has anywhere near Apple’s high percentage of support to Democrats.

So, if you’re a passionate Democrat that wants to make a political difference with every purchase, take a hard look at the Apple Card. It might be right for you.

 

 

 

While Americans remain divided over politics, football is one of the few things we can all agree to love. The Super Bowl LVIII kickoff is hours away, so we are taking a look at the top companies involved this year. We’ll be considering their donation distributions, contribution sizes, and campaign finance reform (CFR) scores to provide a rundown of game day politics.

  1. Kansas City Chiefs: Their political contributions are of medium magnitude, with a CFR score of -35. Donations are rather skewed, with 69% going toward Democrats.
  2. San Francisco 49ers: Their CFR score is 71, but contribution level is minimal. Donations are 100% left-leaning.
  3. Las Vegas Raiders: This year’s Super Bowl will take place at Allegiant Stadium in Las Vegas, which opened just four years ago in 2020. This stadium is home to the Las Vegas Raiders, who have a medium political contribution level, CFR score of 40, and a 54% Republican lean.
  4. CBS: They will be broadcasting the game this year. They have a CFR score of 39 and a 66% Democratic lean in their political spending. They have recently funded Bernie Sanders, Hillary Clinton, and Kamala Harris.
  5. NFL: The NFL has a very high political contribution level with a CFR score of -41, but their donations are evenly split between parties, with 48% going to Democrats and 52% going to Republicans. 
  6. Anheuser-Busch InBev: Bud Light is the official sponsor of the NFL, and the brand has faced massive political controversy over the past year due to their sponsorship deal with transgender influencer Dylan Mulvaney. They have been committed to regaining support from their right-leaning customers, but their political donations are still mostly Democratic at 60%. Contributions are very high in magnitude, and the brand has a CFR score of -71.
  7. Wilson: All of the NFL’s footballs are produced by Wilson. The company does not donate significant amounts to politicians or PACs, giving them a CFR score of 100.
  8. Apple: The official sponsor of this year’s halftime show, starring Usher, is Apple Music. The company has an 85% Democratic lean in political donations, which come entirely from Apple’s senior executives rather than the company itself. They have a very high contribution level and a CFR score of 66.
  9. Verizon: The official network of the NFL has a very high contribution level with a CFR score of -55. They are split evenly in terms of political party, with 51% of donations going to Democrats and 49% to Republicans.
  10. Toyota: This year, Toyota will be advertising their new 2024 Tacoma during the game, because there can’t be a Super Bowl without car commercials! The company has a very high contribution level which is evenly split between parties. Their CFR score is -46.

It seems that no matter which team takes home the trophy this weekend, the true winners are Democrats, with their considerable gains from the brands participating in this year’s Super Bowl.

Here, for your reading pleasure, are the best campaign finance stories from the midterm elections.

(For mobile readers, use the html link to see the articles)

 

Arizona cracks down on Dark Money

An anti-dark money ballot initiative in AZ passed with an astonishing 73% support.

Arizona voters pass ballot initiative cracking down on so-called ‘dark money’ | Fox Business

 

Peter Thiel buys a Senate seat

In fairness, he paid for two.

Midterm results: Peter Thiel picks Masters, Vance see mixed results in Arizona, Ohio (cnbc.com)

 

One dollar, one vote

Thiel wasn’t the only high earner shaping the midterms.

Here are the 10 biggest donors in the midterm elections | The Hill

 

UAE investigated for breaking US campaign finance law

A campaign finance system so broken, even our allies take advantage.

US intelligence report shows UAE efforts to meddle in American political system: Washington Post | The Hill

 

Corporations Spent Millions To Support ‘Big Lie’ Candidates

The post-Jan. 6th donation halt is all but over.

Large Corporations Spent Millions In Support Of GOP Election Deniers | HuffPost Latest News

 

Today Goods Unite Us, a non-partisan political data company, and Quiver Quantitative (Quiver Quant), an alternative financial data company for retail investors, released two new investment strategies on Quiver Quant’s website: the Republican Large-Cap Core Strategy and the No-PAC Large-Cap Core Strategy. 

The Republican and No-PAC (no political action committee) strategies have been designed to mirror the construction methodology used to create the Democratic Large-Cap Core Fund (ticker: DEMZ). DEMZ was launched using Goods Unite Us’s political data in November 2020 and trades on NASDAQ. 

“Having all three political strategies will now allow for an apples-to-apples comparison of Democratic v. Republican S&P 500 performance and comparisons of S&P 500 performance between corporations that do–and do not–use political action committees to influence politics,” Quiver Quant’s CEO James Kardatzke points out.  

If you haven’t heard about DEMZ before, it’s the first investment product designed to replicate the S&P 500, without the GOP. It’s an ETF that strives to provide similar performance and risk as the S&P 500, while including only companies that have made over 75% of their political contributions to Democratic candidates and causes.

“Fundamentally, Goods Unite Us’s mission is to bring transparency to corporate political activities and allow consumers and investors to align their monetary decisions with their politics and personal beliefs,” said Abigail Wuest, CEO of Goods Unites Us. 

Goods Unite Us’s political apps and website have been used by over a million consumers to shop and make purchasing decisions since late 2017. Quiver Quant is one of the fastest growing financial data providers in the country. Founded by twin brothers who recently graduated from UW Madison, Quiver is one of the top financial voices on TikTok and Reddit, and its website has hundreds of thousands of users.

Using Quiver Quant’s website, retail investors will now be able to track and compare the performance, holdings, and key metrics of DEMZ and the new REDZ and No-PAC strategies for free. The next step will be to partner with a proven fund manager to allow direct investment into the REDZ and No-PAC strategies.

“By releasing strategies that allow Republicans to invest in Republican companies, and allow investors who are against money in politics to invest in companies that do not have or fund political action committees, we are helping to ensure that all consumers who care about where their money is going and how it is being used have investment options available to them,” said Ms. Wuest.

Goods Unite Us and Quiver Quant share a city and an interest in providing more transparency around corporate money in politics: how it’s spent, where it goes, and the interplay between the worlds of finance and government.

“We’re excited to bring high-quality campaign contribution data onto our platform, and work with Goods Unite Us to give our users the power to better align their investment portfolios with their political beliefs”, said James Kardatzke, CEO of Quiver.

You can review the performance, holdings, and other metrics for the DEMZ, REDZ, and No-PAC strategies by going here

Between November 2, 2020 when DEMZ launched and the end of Q3 2022 (September 30, 2022), the S&P 500 (SPY) was up 8.17%, the DEMZ ETF was up 9.75%, the REDZ strategy was up 12.13%, and the No-PAC strategy was up 23.84%, all net of fees.

You can download a PDF of this press release here.

DISCLOSURE: Goods Unite Us is a non-partisan provider of political data. We do, however, license our data to the fund manager for DEMZ, the index fund designed for Democrats. Therefore, Goods Unite Us has a financial interest in DEMZ. 

Carefully consider the DEMZ fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the fund’s summary or full prospectus, which may be obtained by calling (888)-750-DEMZ (3369). Please read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. There is no guarantee or assurance that the methodology used to create the Index will result in the Fund achieving positive investment returns or outperforming other investment products.

The fund is subject to the risks associated with the information technology sector. Such issuers may underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector.

The funds are distributed by SEI Investments Distribution Co, which is not affiliated with Reflection Asset Management, LLC.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

That probably depends on your political perspective–and your personal beliefs.

But we looked behind the curtain at the politics of the companies contained in the JUST ETF.  And what we found, well, at this point it was not that surprising. We found another example of a fund marketing itself one way, but including companies that are doing things that do not align with the fund’s marketing story (see here and here for past examples).

What is the JUST ETF?

The JUST ETF launched to a lot of fanfare back in 2018. It seeks to provide broad exposure to U.S. large-cap stocks, with a focus on companies that demonstrate “just business behavior.” Today, the JUST ETF has nearly $300M in assets under management.

What does “just business behavior” mean?

Forbes put together a nice summary of how the JUST ETF picks its “just businesses” in an article it published around the time the JUST ETF launched:

The new fund aims to track an index created by JUST Capital, a nonprofit that does research to find large U.S. companies engaging in “just business behavior.” . . .

Cofounded in 2013 by billionaire investor Paul Tudor Jones II and thought leaders like Deepak Chopra and Arianna Huffington, JUST Capital has surveyed 72,000 Americans to understand the business practices related to environmental, social and governance (ESG) issues that matter most to them. Using those priorities, it scores Russell 1000 companies on 85 ESG metrics like fair pay, job creation, customer privacy and environmental impact.

In one of its initial press releases, JUST claimed it “invests in U.S. companies that are driving positive change on some of the most pressing social issues of our time – including worker pay and wellbeing, customer treatment and privacy, beneficial products, the environment, job creation, strong communities, and more .” On its website, JUST claims to utilize “over 145,000 data points across 88 unique metrics” to score company performance.

Apparently the 145,000 data points that JUST utilizes do not include political giving.

Because there are a lot of companies in the JUST ETF that have funneled millions of dollars to politicians and PACs during the last three federal election cycles.

We don’t consider such activity “just business behavior” (but maybe you do).

For example, by our count, the JUST ETF has a higher percentage of companies that funnel money to politicians through corporate PACs than the entire S&P 500 as a whole, and by a fairly wide margin. In fact, only three of the fund’s top twenty holdings, Apple, Nvidia, and Costco, do not give to politicians through PACs.

JUST’s Politics.

Given JUST’s ESG status – and the politics of its backers, including Arriana Huffington — co-founder of the Huffington Post — one would expect a large majority of the companies in the fund to lean left.

But that’s also not the case.

Here are some examples of the political activities of just a few of the fund’s top holdings:

We’re non-partisan at Goods Unite Us. But we view it as our responsibility to provide transparency. If you think these companies are performing “just business behavior,” then please invest in JUST. Our guess, however, is that most of the current investors in the JUST ETF might view the JUST ETF a little differently now that they know what they’re actually buying.

You can download a full list of the JUST ETF’s holdings here.

 

 

MLB

Last week, Major League Baseball took the all-star game and draft out of Atlanta in a statement of protest against Georgia’s restrictive new voting law, SB 202. Cobb county, home of the Truist stadium where the All-Star game would have been held, estimates the lost tourism revenue at around $100m. That doesn’t include the lost advertising revenue and brand goodwill that Truist financial will endure because of the move. Clearly, Major League Baseball found the symbolism of the Georgia plantation painting under which the bill was signed, as ham-handed and inexcusable as everyone else.

Who’s come out against it

Their decision reflects the broader reaction to SB 202, which public sentiment has broken largely against. Maybe that’s why, in addition to the MLB, more than 100 companies have come out publicly against the law. So far, they include:

Additionally Ken Chenault and Ken Frazier (late of AmEx and Merck respectively) as well as 70 other Black executives published an unprecedented letter urging their fellow business leaders to get out in front of this. 

Why is SB202 such a big deal?

SB202 is about one thing: voter suppression. It restricts the use of ballot drop boxes, criminalizes handing out food or water to voters waiting in long lines, allows state officials to take over local election boards, prevents the secretary of state’s office from automatically sending absentee ballot applications (as it did last year because of COVID), and removes the secretary of state as chairman of the state elections board, giving more control to the State party. A complete repeal of no-excuse absentee voting, included in an earlier version of the bill, was narrowly averted.

Besides the content of the law, the timeline in which it was passed points toward deliberate voter suppression. First, unprecedented voter turnout denied one party a presidential victory. After significant pressure was put on Georgia’s secretary of state to find votes, turnout flipped both of the state’s Senate seats Blue, delivering that body into the hands of the other party as well. Finally, the losing party responded with legislation to limit turnout with no evidence backing their stated reasons for doing so. This is not a sequence of events that supports the Georgia Republicans’ case.

The wider legal context of this story also helps make sense of the exceptional reaction, by the MLB and others, to this one state law.  As of March 24th, a total of 361 bills with provisions restricting voting access had been introduced in every state except:

  • Delaware
  • Ohio
  • Vermont

As of that same date, Texas, Georgia, and Arizona had seen the most bills introduced. Georgia and Arizona are especially relevant because, as swing states, their electoral votes helped deny former President Trump a second term. 

The bottom line is, the Georgia law isn’t the climax of this story. It’s the opening salvo in a much larger legislative war which, far from being its own thing, is more like a continuation of the bitterly disputed 2020 election. That means the degree of blowback to the GA law will help determine just how aggressively other states follow suit.

Response

The response to one party trying to legislate away its opponent’s margin of victory, has placed corporate America in the crossfire of dueling boycotts. 

Because companies like the MLB have more power than ever to influence elected officials and voters have more power than ever to influence companies by organizing over social media, protesting has been quietly revolutionized. Traditional political activism has been infused with the new power of economic activism, turning commerce into a new political battlefield.

Corporations are the unwilling middle men in the new process, paving the way for a golden age of consumer activism.

The result in the moment is left and right each pushing companies to support their cause. The aftermath of the siege on the U.S. Capitol showed us that when corporate America feels strongly enough about an issue, they do more than make a statement. As of this moment, the MLB is the only organization taking voting rights seriously. The left wants to use boycotts to change that, the right, to ensure it doesn’t go any further.

Counter-Response

As usual, there’s been pushback to the pushback. Just this week, Minority Leader McConnell told CEOs to, “…stay out of politics. It’s not what you’re designed for.” His message was only slightly undermined by the immediate follow-up, “I’m not talking about political contributions. …I support that. I’m talking about taking a position.”

His statements sound dangerously close to, “give us money but don’t ask for anything in return,” which illustrates the difficult position the Republican party finds itself in with respect to fundraising. That’s because the GOP and its donors were largely responsible for opening the floodgates to corporate money in politics in the first place, culminating in the Citizens United ruling in 2010.

The Citizens United decision gave corporate speech constitutional protection and invalidated many existing campaign finance laws. The result has been a flood of undisclosed corporate money into elections. 

At the time of the landmark decision, Senator McConnell said

“For too long, some in this country have been deprived of full participation in the political process. With today’s monumental decision, the Supreme Court took an important step in the direction of restoring the First Amendment rights of these groups by ruling that the Constitution protects their right to express themselves about political candidates and issues up until Election Day. By previously denying this right, the government was picking winners and losers. Our democracy depends upon free speech, not just for some but for all.”

Clearly, he’s changed his mind, or at least tweaked it a bit. 

Senator McConnell is not alone. Much of the modern GOP has greatly benefited from the Citizens United ruling. A paper published in 2016 found Citizens United to have boosted the chances of Republicans winning in state house races between 4 and 10%. After such clear electoral success, the party is now struggling with a business establishment pressured by its own consumers to resist them, using channels the party and its allies fought to create.

The Senator, in that same address, threatened companies with, “serious consequences,” if they continued speaking freely. Even though the Minority Leader left his meaning to the imagination, Georgia Republicans didn’t, voting in the state house to strip Delta of a $35m jet fuel tax credit after its CEO spoke out against SB202. ( Like 2018, when the GA legislature removed a $50m jet fuel tax credit after Delta ended discounts for the NRA, under social pressure in the wake of mass shootings.)

Similarly, another group of Georgia legislators recently announced they would no longer stock Coca-Cola products in their statehouse offices and a SC Congressman just introduced legislation that would strip the MLB of its monopoly exemption. These are fairly transparent examples of retaliation, more akin to Gilded Age power politics than, well, 2021.

Where Things Stand

The boycotts on the left are being led by AME Church and Black religious leaders throughout the southeast, given the law’s targeting of Georgia’s Black community. That boycott was supposed to start on the 8th, but has been paused until after a meeting between the boycott leaders and executives of the impacted companies. 

The boycotts on the right are being led by no one in particular, but former President Trump and RNC chair Ronna Romney McDaniel have both endorsed them. 

Besides the MLB, most major, GA-based companies have been roped into this political maelstrom. Only 3 have remained consistently at the center:

  • Delta Airlines
  • Home Depot
  • Coca-Cola

So far, neither boycott has gotten organized enough to present a serious threat to any of them. The developing political situation will determine if that organization happens.

 

 

A lot of people on Twitter and other social media sites have been asking us for lists of the companies that supported the politicians voting for or against impeachment. Our existing tools can help you with this! And to make it easier, we’ve provided the vote breakdown for you below. (Since all of the Democrats and Independents voted to impeach, we’re only showing the Republican votes.)

Just find out how the politicians in your state voted, and if they voted against your values, boycott the companies that have been bankrolling them. It’s easy to do. To see the top corporate supporters of any of the Senators below, just open our free app, click on the Politicians tab, and pick whichever politician you are interested in.

 

Voted to Impeach

Alaska

    • Lisa Murkowski

Louisiana

    • Bill Cassidy

Maine

    • Susan Collins

Nebraska

    • Ben Sasse

North Carolina

    • Richard Burr

Pennsylvania

    • Pat Toomey

Utah

    • Mitt Romney

 

 

Above is a map showing the partisan composition of each state’s Senate delegation. Red for 2 Republicans, Blue for 2 Democrats, Purple for one of each, and Grey stripes when one Senator is an Independent. Senators voting to convict have their initials displayed over their state.

As you can see, only two of the seven Republican votes for conviction, Toomey and Collins, came from purple or split states. Burr and Toomey are retiring after this term but the other 4 are from ruby red states, making their results more than a little unexpected.

Something that might help explain this: Cassidy, Sasse, and Collins wont face voters for another 5 years. Romney has long since established himself in opposition to the former President. Which leaves Murkowski, who faces re-election in 2022, as the odd woman out. 

Voted to Acquit

Alabama

    • Richard Shelby
    • Tommy Tuberville

Alaska

    • Dan Sullivan

Arkansas

    • John Boozman
    • Tom Cotton

Florida

    • Marco Rubio
    • Rick Scott

Idaho

    • Mike Crapo
    • Jim Risch

Indiana

    • Todd Young
    • Mike Braun

Iowa

    • Chuck Grassley
    • Joni Ernst

Kansas

    • Jerry Moran
    • Roger Marshall

Kentucky

    • Mitch McConnell
    • Rand Paul

Louisiana

    • John Kennedy

Mississippi

    • Roger Wicker
    • Cindy Hyde-Smith

Missouri

    • Roy Blunt
    • Josh Hawley

Montana

    • Steve Daines

Nebraska

    • Deb Fischer

North Carolina

    • Thom Tillis

North Dakota

    • John Hoeven
    • Kevin Cramer

Ohio

    • Rob Portman

Oklahoma

    • Jim Inhofe
    • James Lankford

South Carolina

    • Lindsey Graham
    • Tim Scott

South Dakota

    • John Thune
    • Mike Rounds

Tennessee

    • Marsha Blackburn
    • Bill Hagerty

Texas

    • John Cornyn
    • Ted Cruz

Utah

    • Mike Lee

West Virginia

    • Shelley Moore Capito

Wisconsin

    • Ron Johnson

Wyoming

    • John Barrasso
    • Cynthia Lummis

These are the most shorted companies on Wall St. today, along with the percent of their political contributions going to each party.

Contribution totals are found by summing the amount from the company’s PAC with the amount from its Senior Executives.

 

By Short Interest

Brand Stock % to Dems % to Reps
American Airlines AAL 54% 46%
Century Link CTL 43% 57%
Transocean RIG
Denbury DNRCQ 7% 93%
Lumen LUMN
Sirius XM SIRI 22% 78%
AT&T T 37% 63%
Zynga ZNGA
OPKO Health OPK
ViacomCBS VIAC 66% 34%
Apple AAPL 92% 8%
Palantir PLTR
Vale SA VALE
Ford Motor Co F 46% 54%
JC Penney JCPNQ 35% 65%
Macy’s M 65% 35%
General Electric GE 40% 60%
Tencent MEG TME
Bank of America BAC 43% 57%
Ambev SA ABEV

 

By % of Float Shorted

Brand Stock % to Dems % to Reps
GameStop GME 87% 13%
Ligand Pharma LGND
GNC GNCIQ 36% 64%
Dillard’s DDS 7% 93%
AMC AMCX 100% 0%
Macerich MAC 14% 86%
Bed Bath & Beyond BBBY 63% 37%
Briggs & Stratton BGG / BGGSQ 1% 99%
Tanger Outlets SKT
FuboTV FUBO
iRobot IRBT 85% 15%
Children’s Place PLCE 0% 0%
Las Vegas Sands LVS 1% 99%
Natnl Beverage FIZZ
SunPower SPWR
Seritage Growth SRG
Altice USA ATUS 66% 34%
Virgin Galactic SPCE
Eldorado Resorts ERI 35% 65%
B&G Foods BGS

 

By % of Total Shares Shorted

Brand Stock % to Dems % to Reps
GameStop GME 87% 13%
Ligand Pharma LGND
Bed Bath & Beyond BBBY 63% 37%
FuboTV FUBO
Macerich MAC 14% 86%
Mallinckrodt MNK / MNKKQ 28% 72%
Tanger Outlets SKT
Briggs & Stratton BGG / BGGSQ 1% 99%
Esperion ESPR
Chspk. Energy CHKAQ 15% 85%
AMC AMCX 100% 0%
iRobot IRBT 85% 15%
Pyxus Intl. PYX / PYXSQ
Frontier FTRCQ 69% 31%
B&G Foods BGS
Children’s Place PLCE 0% 0%
Clovis Oncology CLVS
Eldorado Resorts ERI 35% 65%
Viveve Medical VIVE
Tailored Brands TLRD

 

Also, check out our CEO discussing Reddit and the power of collective economic action on NBC.

 

This is the second post in our Spending For The Senate blog series about the Georgia Senate candidates’ donors. Here, we’ve compiled the top backers to Reverend Raphael Warnock’s (D) campaign, which will help decide control of the Senate and with it, the course of COVID relief and President Elect Biden’s first two years in office. 

In keeping with the Goods mission statement, this list does not rank PACs themselves, just the companies whose executives or subsidiary PACs have contributed to the Warnock campaign. In cases where one individual comprises the majority of a brand’s donations, that individual will be highlighted to clarify the stance of the impacted company. Numbers preceded by “~” are approximate.

Reverend Warnock’s top 10 backers:

 

 

 

 

      1. Insight Partners
      2. Alphabet Inc
      3. Lieff, Cabraser, Heimann, & Bernstein
      4. Yardi Systems
      5. 3.5.7.11
      6. Apple
      7. Ares Management
      8. Quibi
      9. D. E. Shaw & Co.
      10. Universal Remote Control

 

 

 

 

The first thing that jumps out here is the relatively even distribution of donations. The difference between the 1st and 10th place donors is ~$14,000. Digging a little deeper, the top 3.5 companies account for half of the top 10’s total, or half  ~$180,000.

That small number (for politics) starts to make sense when you account for the Warnock campaign’s aversion to Corporate PACs. It means the donations visualized above all come from individual executives at the companies, instead of a political fund. It also means that lots of the organizations listed above are there because most of Warnock’s fundraising has been from small-dollar donors, meaning a single, politically active officer can be enough to put a firm in his top 10. 

Yardi Systems is the first example of this. It’s a real estate software firm and makes the list due to a few donations by one executive and his wife. Similarly, most of Apple’s total comes from two donations made by the founder of Siri and head of its Advanced Development Group, after Apple acquired the company. 3.5.7.11 and Universal Remote contributed nothing beyond what their respective founders gave. Quibi has a similar situation except, since it never achieved profitability, the money its founder gave likely came from the sale of his founding stake in Dreamworks Animation in 2016.

Warnock vs. Loeffler

Candidates typically rely on a clutch of large-dollar donors that raise the bar for a list like this to at least 6 digits per entry, especially in such a critical race. Senator Loeffler provides a good case study. Her top 10 donors accounted for ~85% of the money her campaign had raised at the time of our analysis. Reverend Warnock’s top 10 makes up ~1% of his total, which is why his fundraising strategy is uniquely resistant to this sort of analysis: Since he mostly doesn’t raise from Executives, you don’t learn much by looking at them.

To give a better overview of the campaign’s finances, one must include some non-corporate groups. For example, the biggest donor group by job category is unemployed people who are neither retired, homemakers, nor students. It’s difficult to say with certainty that everyone who listed “Not Employed” on their donation meant “out of work” and not “retired” because the FEC forms allow for a lot of interpretation there by the filers. What is certain is that donors in this employment category made exclusively small-dollar donations and live in all 50 states. At this level of detail of course, any connection to current events like the pandemic or unemployment crisis would be purely speculative.

In total, the unemployed account for $2.8 million or 12.9% of the money raised by the Warnock campaign. The same group accounts for ~$26,000 or 0.09% of the Loeffler campaign’s funds.

The other big employment category is the self-employed. They donated $1.2 million to Warnock and $368,000 to Loeffler.

Warnock donor treemap

Who’s In The Better Position?

Finally, the differences in fundraising strategy make direct comparisons of the Warnock and Loeffler campaigns difficult. What can be said with certainty is that her mostly self-financed campaign has raised ~$28 million, not including allied but unaffiliated PACs. Warnock’s mostly small-donor, grassroots method has raised ~$22 million. By the end of the Special General election on November 3rd, each campaign had about ~$6 million left for the Runoff. 

So, it’s tough to say who’s better off because Warnock has either raised more or less than Loeffler, depending on how you slice it:

  • Warnock has raised less in total than Loeffler spent in the General election 
    • $21.7M  v  $22.2M
  • Warnock has raised less in total than Loeffler self-financed
    • $21.7M  v  $23.3M
  • Excluding self-financing, Warnock has raised $21.7M to Loeffler’s $4.8M

Like we said at the beginning, the GA Senate runoffs will decide the center of gravity in American politics for the next 2 years. That fact underpins the stratospheric projections of the combined cost of these races, which runs as high as $200m. That makes them the locus of campaign finance for the next 6 weeks and Goods will be covering them in depth. To see the other posts in the series, just click on the links below as they become active:

Kelly Loeffler

David Perdue

Jon Ossoff

Since we spend so much time on data about who companies donate to, the team at Goods Unite Us thought it could be helpful to isolate which companies donate the most. The lists below answer the question “Who spends the most?” in 3 different ways: By total, by party regardless of political lean, and by party and political lean. (These rankings, of course, only reflect the companies and brands we have in our app.)

Top 10 by total donated:

  1. Comcast
  2. AT&T
  3. Blue Cross/Blue Shield
  4. Honeywell
  5. Goldman Sachs
  6. Lockheed Martin
  7. Koch Industries
  8. Northrop Grumman
  9. Microsoft
  10. Berkshire Hathaway

Next are the top 10 companies by party: one list for donations to Republicans and one for Democrats. The rankings are based on donations over the last 3 election cycles, regardless of the companies’ political lean. Interestingly, 7 companies are in both top 10s: AT&T, Honeywell, Blue Cross/Blue Shield, Comcast Corporation, Goldman Sachs, Lockheed Martin, and Northrop Grumman. Obviously richer companies have more to donate but this overlap also illuminates the strategizing that goes into corporate donations. After all, if you donate to everyone it doesn’t matter who wins.

Most Money to Republicans:

  1. AT&T
  2. Koch Industries
  3. Honeywell
  4. Blue Cross/Blue Shield
  5. Comcast
  6. Goldman Sachs
  7. Lockheed Martin
  8. Berkshire Hathaway
  9. Northrop Grumman
  10. Home Depot

Most Money to Democrats:

  1. Comcast
  2. Blue Cross/Blue Shield
  3. Alphabet (Google)
  4. AT&T
  5. Microsoft
  6. Honeywell
  7. Goldman Sachs
  8. Renaissance Technologies
  9. Northrop Grumman
  10. Lockheed Martin

Finally, we have the top 10 by party and political lean. As these top 10s show, Republicans get a lot of support from Oil and Gambling companies while Democrats see support from Law Firms, Private Equity, and Tech. The first list is for companies that gave the most to Republicans and lean right overall (at least 80% of donations are Republican). The second, for companies that gave the most to Democrats and lean left overall (at least 80% of donations are Democratic). 

Right to Right:

  1. Koch Industries
  2. Marathon Petroleum
  3. Uline
  4. Las Vegas Sands
  5. Amway
  6. Quicken Loans
  7. Station Casinos
  8. Exxon Mobil
  9. Charles Schwab
  10. Pilot Corporation

Left to Left:

  1. Paul, Weiss, Rifkind, Wharton & Garrison
  2. Apple
  3. Sabian Capital Group
  4. Centerbridge Partners
  5. Skadden, Arps, Slate, Meagher & Fiom
  6. Morgan & Morgan
  7. Zumiez
  8. McKinsey & Company
  9. Latham & Watkins
  10. Bloomberg LP