In Rare Action, Corporate PAC Refunds Executives’ Contributions
Posted at 3:14 p.m. on Nov. 21, 2013
Corporate political action committees usually do not want to give back any contributions from executives, but for JPMorgan Chase & Company, it could be part of CEO Jamie Dimon’s plan to reduce JPMorgan’s exposure to the risky business of buying and selling of companies.
In June, Dimon announced JPMorgan would spin-off its private equity investment unit, One Equity Partners, into a separate company. One Equity Partners manages about $4.5 billion of investments for JPMorgan Chase.
On Wednesday, the JPMorgan Chase & Co. PAC reported it had refunded $74,095 from contributions received in 2012 and 2013 from nineteen executives of One Equity Partners. These include $5,850 refunded to Robert Rubin; $8,112 to Richard Cashin; $8,112 to Colin Farmer; $8,112 to James Koven; $8,112 to William Wangerin; and $7,500 to Christian Ahrens; among others.
These refunds may be part of the effort to help draw a clear line between the two organizations.
One Equity Partners does not currently have a federal PAC.