NPR: The percentage of undisclosed money in the political system went up during last year's midterm elections. That's because of a dramatic increase in advertising by anonymously funded freelance organizations such as the American Action Fund and Citizens for Strength and Security. Much of the money is thought to come from corporations. Now, proponents of transparency are winning disclosure battles one corporation at a time. … Stephen Bainbridge, who teaches corporate law at UCLA law school, says most of corporate America isn't all that eager to get into politics. "I think that there have been situations in which some of the chamber's donors have been reluctant to be [seen] publicly doing battle with the Obama administration," he says. "But at the same time, I think we have not seen the floodgates open." Bainbridge says top management is worried about bigger things, like "say on pay," which would give shareholders the power to control executive compensation. "I think most corporations don't perceive this sort of disclosure as being particularly problematic," he says. So when shareholders start calling for changes, Bainbridge says, keeping political money secret often seems like a battle that's not worth fighting. Which is not to say I think this sort of disclosure is a good idea. The point I was trying to make is that I suspect it's not an issue on which Corporate America will go to the mattresses.
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