May 1, 1997

Invested Interest

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Invested Interest

At Goldman Sachs, he calculates political dividends.

by Rachel Burstein

#38 Jon S. Corzine, 50, Summit, N.J. Party: Both. $251,750 total contributions.

View Corzine’s itemized contributions.

Jon Corzine heads Goldman Sachs, the richest Wall Street investment partnership. Corzine makes large DNC contributions, but other Goldman executives and the firm’s PAC also gave heavily last year to the GOP.

That’s because Congress is again eyeing the Glass-Steagall Act, a 1933 law designed to protect consumers by separating commercial from investment banking. Goldman wants barriers removed that prevent it from offering banking and insurance services. The administration, led by Treasury Secretary Robert Rubin (Corzine’s predecessor at Goldman), promises to support liberal banking reform. But Glass-Steagall supporters fear deregulation will mean consumers get peddled financial services they don’t need, and that commercial banks will engage in riskier speculation that might threaten their solvency.

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We just wrapped up a shorter-than-normal, urgent-as-ever fundraising drive and we came up about $45,000 short of our $300,000 goal.

That means we're going to have upwards of $350,000, maybe more, to raise in online donations between now and June 30, when our fiscal year ends and we have to get to break-even. And even though there's zero cushion to miss the mark, we won't be all that in your face about our fundraising again until June.

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Because the bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. The only investors who won’t let independent, investigative journalism down are the people who actually care about its future—you.

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