January 10, 2013
I am writing to urge the Securities and Exchange Commission to issue a rule requiring publicly traded corporations to publicly disclose all their political spending – and to do so this year.
“Dark money” groups that accept contributions from corporations, but are not required to publicly identify their corporate donors, spent millions of dollars during the 2012 elections. It is a scandal that money from publicly traded corporations – which belongs to investors – can be secretly spent to distort our democracy. As we know money is consentrated in the upper 3 percent of the world's population, whether on a national or international level. This ruling allowed the few to virtually control and minopolize the majority of TV, Radio, and commercial media outlets, Knowing that the majority of our citizens get their most of their information about political candidates and party policy via these sources. It is glaringly apparent, that any judge that would vote to legalize such legal insult to the democratic process could not possibly favor a democratic election process.
The Supreme Court’s ruling in Citizens United v. Federal Election Commission created the loophole that enables this secret spending, but the SEC has the authority to stop disasterous ruling.
Both shareholders and the public must be fully informed as to how much corporations spend on politics and which candidates are being promoted or attacked. Disclosures should be posted promptly on the SEC’s web site.
Thank you for considering my comment.