Now, in a memo to partners, Goldman Sachs has enacted a policy effective September 1, barring top employees from donating to Trump. The firm claims that the policy is to prevent any suspicion of pay-to-play, an issue raised during Clinton’s tenure as Secretary of State.
“The policy change is meant to prevent inadvertently violating pay-to-play rules, particularly the look-back provision, when partners transition into roles covered by these rules. The penalties for failing to comply with these rules can be severe and include fines and a ban on the firm from doing business with government clients in a particular jurisdiction for a period of at least two years,” the memo states.
“Any federal candidate who is a sitting state or local official (e.g., governor running for president or vice president, such as the Trump/Pence ticket, or mayor running for Congress), including their Political Action Committees (PACs),” the memo reads.
Meanwhile, Senator Tim Kaine (D-VA) does not qualify as a local official, according to the firm, though contributions to the Virginia Democratic Party are banned.
There are 467 partners banned from donating to the campaign. That may seem like a small number, but they tend to be some of the wealthiest people in the finance sector, and, were they disposed to favor Trump, it could mean a huge loss in funding for the Republican ticket.
