Thursday, February 29, 2024

Fallout in US Businesses Multiplies After Attack on Trump and the US Capitol | Business and economic news

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From social media bans to canceled golf tournaments, the fallout in American business continues after US President Donald Trump urged his supporters to halt the voter certification process on Capitol Hill last week.

The riot that followed left five people dead and caused extensive damage. Now Trump is facing a dismissal from office, and lawmakers who voted to block President-elect Joe Biden’s certification face the fallout from companies being forced to respond.

It’s a blow to Trump, a man who has made his business acumen and his relationship with the company a central part of his image and tenure. But the Trump brand is quickly becoming a liability as Americans demand that companies take a stand after the violence. Here is the last one.

Sports organizations

Trump has made no secret of his love for golf, but the Professional Golfers Association of America (PGA) announced Monday it is withdrawing its 2022 championship from the golf course the President and his family own in Bedminster, In New Jersey.

“It became clear that conducting the PGA Championship at Trump Bedminster would be detrimental to the PGA of America brand, it would jeopardize the ability of the PGA to deliver our many programs and maintain the longevity of our mission,” said said Jim Richerson, president of the PGA of America. said in a video statement.

“Our board of directors has therefore taken the decision to exercise the right to terminate the contract to host the 2022 PGA Championship at Trump Bedminster,” he added.

US President Donald Trump, a multi-course golf enthusiast, has asked the PGA to cancel the 2022 championship they were planning to host at his New Jersey property [File: Joshua Roberts/Reuters]

Colleges and Universities

Two institutions of higher learning – Lehigh University in Pennsylvania and Wagner College in New York – have announced that they will revoke honorary degrees they previously bestowed on Trump.

The board of trustees of Wagner College held a special session to revoke Trump’s degree on Friday, he said in a declaration.

Lehigh Leadership ad they had done the same – revoking the honorary degree Trump had held since 1988.

Social media platforms

Twitter said he has permanently suspended Trump’s account “because of the risk of further incitement to violence,” the company said in a statement Friday.

Several world leaders and American politicians welcomed the move, but others – including critics of Trump – criticized the action as being politically motivated and a violation of free speech.

Facebook, which owns the Instagram photo sharing app, ad he was blocking Trump’s account “indefinitely” on Thursday, the day after Trump supporters raped the US Capitol building in a violent and unruly crowd.

“We believe the risks of allowing President Trump to continue using our service during this time are just too great, so we are extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks. “Facebook CEO Mark Zuckerberg wrote in his article to explain the decision.

US President Donald Trump has his Twitter account suspended after the violence at the US Capitol [File: Joshua Roberts/Illustration/Reuters]

Hotel industry

Hotel chain Marriott International Inc has said it will suspend political donations to Republican lawmakers who voted against certifying Biden’s election victory, Bloomberg News reported.

“We have taken into account the destructive events on Capitol Hill to undermine a legitimate and fair election and we will suspend political donations from our Political Action Committee to those who voted against the certification of the election,” a spokesperson said. word of Marriott.

Big banks

Three big banks reconsider all political donation policies in the wake of violence on Capitol Hill, Bloomberg News reported, with JPMorgan Chase & Co providing for a six-month suspension of donations to Republicans and Democrats.

Citigroup Inc has suspended all political donations for the quarter, Bloomberg reported, and Goldman Sachs Group Inc is likely to implement a policy that blocks donations to lawmakers who opposed certification of Biden’s victory.

“We want you to be assured that we will not support candidates who do not respect the rule of law,” Candi Wolff, Citi’s head of global government affairs, said in a note to employees seen by Bloomberg.

Morgan Stanley has suspended donations to political action committees of candidates who voted against certification of results but did not ban donations in all areas, The New York Times reported.

Health insurance companies

The Blue Cross Blue Shield Association, whose 36 member companies provide health insurance to one in three Americans, has announced that it is suspending donations to lawmakers who oppose certification of Biden’s victory.

“In light of this week’s violent and shocking assault on the United States Capitol and votes by some members of Congress to overturn the November election results by challenging the Electoral College results, the BCSBA will suspend contributions to lawmakers who voted to undermine our democracy. », Said the president and general manager of the association Kim Keck in a declaration.

Purchase and payment platforms

Canada-based online retail platform Shopify Inc beaten down Thursday, two Trump-affiliated stores, including and

Both have sold some of the president’s iconic merchandise – like his “Make America Great Again” hats, which were ubiquitous during the Capitol Riot.

Online payments company Stripe also announced that it will no longer process payments for Trump’s campaign website, The Wall Street Journal reported Sunday.


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