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Amazon and Big Tech donate to Biden Campaign

Yahoo Finance’s On the Move panel discuss Amazon and Big Tech cozy up to Biden camp with donations and connections.

Video Transcript

JULIE HYMAN: Not necessarily surprising here. When you get close to an election and it looks like somebody else might take power, maybe corporate America gets a little closer to that person. That seems to be the case with big tech and Joe Biden.

There's a new report that sources data from OpenSecrets, which looks at contributions, showing that companies like Amazon and Google have been getting a little closer to the Biden campaign.

Melody, you know, this is going into more tricky times, perhaps, for regulation of big tech.

MELODY HAHM: Yeah. I mean, one note of clarification for those who aren't familiar-- companies are not allowed to donate directly, of course, to campaigns. So this was-- the contributions were made through political action committees, PACs, and of course individuals within the companies.

Jay Carney, a notable press secretary for Obama-- he actually worked specifically for Vice President Biden for the first two years of the Obama administration, and now he's with Amazon-- has been vehemently opposing the Trump administration during his tenure, even at Amazon. So it's curious to think about even someone like him perhaps catapulting back into the White House. Right?

We saw this sort of surge with former Obama officials entering the private industries, entering big tech in particular, and finding opportunities there. I do anticipate that they're trying to perhaps butter up the Biden administration for potential roles, whether that's CTO, various sorts of positions that could be beneficial to their own career trajectory.

I do want to point out that there is a lot of push-back, Julie, when you think about Obama's pretty much hands off approach, right, when it came to regulating and scrutinizing big tech. Of course, that was prior to 2016. A lot has changed.

The world has sort of been upended, where a lot of these flaws and potential interference, not only from foreign actors like Russia and China, but also from within, and a lot of conspiracy theories sort of brimming to the surface. I anticipate that, even if Biden does get elected, even if all these tech companies are pouring money into his success and potential victory, it's inevitable, right, that there will have to be continued regulatory scrutiny and antitrust scrutiny that, to give Trump credit for, his administration has been pretty vocal about. Right?

There hasn't been concrete actions just yet. There hasn't been many implementations. However, the conversation has gotten started-- kind of cause and effect, right-- because of the Trump administration's role post-2016 election.