Starbucks CEO Urges Contribution Boycott
Thursday, August 18, 2011 at 11:06AM
From his Seattle office, Starbucks CEO Howard Schultz has seen enough and is leading what amounts to a boycott of political contributions until Congress and President Obama work out a plan that restores faith in the American economy.
"Right now, our economy is frozen in a cycle of fear and uncertainty," Schultz wrote this week to other corporate leaders. "Companies are afraid to hire. Consumers are afraid to spend. Banks are afraid to lend."
"Our national elected officials from both parties have failed to lead," he says. "They have chosen to put partisan and ideological purity over the wellbeing of the people. They have undermined the full faith and credit of the United States. They have stirred up fears about our economic prospects without doing anything to truly address those fears."
Schultz said the way to get the attention of politicians is to cut off campaign contributions. "We invite leaders of businesses — indeed all concerned Americans — to join us in this pledge."
The initial communication was an email to 3,000 publicly traded companies. Apparently officials at U.S. stock exchanges forwarded the letter to a broader audience, where his appeal appeared to gain traction. While Starbucks isn't a major political contributor, Schultz' call to action could catch on and hit political figures where it hurts — their campaign war chests.