So much for the “small-dollar donors” President Donald Trump touted as his biggest financial supporters. A new campaign finance report released today shows about three dozen billionaires and corporations bankrolled almost half the inauguration expenses of the president, doubling what President Obama collected for each of his two inaugurations.
Despite a campaign that promised to “drain the swamp” of corporate influence and special interests in Washington, Trump’s team accepted checks valued in the millions from individuals and companies with matters before regulators or Congress. The Wall Street Journal reports they include billionaire casino owner Sheldon Adelson, who gave $5 million; hedge-fund executive Robert Mercer, who gave $1 million; Marlene Ricketts, a member of the family that owns the Chicago Cubs, who gave $1 million; and Robert Kraft, owner of the New England Patriots, who gave $1 million.
While the Republican National Committee was concerned enough about a $250,000 contribution from Russian-American businessman Alexander Shustorovich to return it, President Trump had no reservations accepting a $1 million check from Shustorovich, who has close ties to the Putin government and various state-owned companies. Shustorovich raised alarms with national security officials who rejected some of his U.S. business deals in the past on national-security grounds.
Trump also accepted huge contributions from corporations with dealings in Washington and his Administration. Chief among the top donors was AT&T, along with Pfizer, Boeing, and Qualcomm, that all donated $1 million each. Boeing’s check arrived about a month after Trump tweet-slammed Boeing for the “out of control” cost of the new 747 Air Force One. Trump has been silent about Boeing since the check arrived. AT&T’s check may also prove a good investment if Trump abandons his commitment to oppose the AT&T-Time Warner, Inc., merger now before regulators.
The Journal reports Trump’s extravagant corporate donor list threatens to undercut the president’s message that he isn’t beholden to anyone — special interests or wealthy donors. In contrast, President Obama banned corporate funding of his 2009 inauguration. The newspaper adds, in some cases, the donations arrived days after the president selected executives at those companies to serve in his administration.