Prudential Financial

From SourceWatch
Jump to: navigation, search

Learn more about corporations VOTING to rewrite our laws.

Prudential Financial, Inc., based in Newark, New Jersey, USA, is one of the largest life insurers in the world, known for its Rock of Gibraltar logo. Besides life insurance, it also sells long-term care and disability insurance and also offers mutual funds and retirement services. Top competitors are AIG and MetLife. In 2006, sales were US$32.5 billion with profits of US$3.4 billion. [1]

Political contributions

Prudential Financial gave $285,600 to federal candidates in the 2006 election through its political action committee - 45% to Democrats, 53% to Republicans, and 2% ($6,000) to independent Joseph Lieberman (I-CT). [2]

Ties to the American Legislative Exchange Council

Prudential has been a corporate funder of the American Legislative Exchange Council (ALEC). [3]

A list of ALEC Corporations can be found here.

About ALEC
ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our PRWatch.org site.


Lobbying

The company spent $2,036,718 for lobbying in the first half of 2007. Some lobbying firms used were Blank Rome LLP, Ernst & Young, and Parry Romani DeConcini & Symms. [4]

Open Secrets says, "Prudential was one of several insurance companies in support of the 1999 banking reform bill, which opened the doors for banks and insurance carriers to broaden the scope of their business. Prudential also has joined in efforts to defeat managed care reform, which would give patients broader rights to sue their health plans." [5]

Personnel

Key executives and 2006 pay: [6]          Options
exercised
Arthur F. Ryan, Chairman and Chief Executive Officer    $7,300,000    $0
John Robert Strangfeld, Jr., Chief Executive Officer of Prudential Securities    $4,400,000    $3,170,000
Richard J. Carbone, Chief Financial Officer    $2,070,000    $4,690,000
Mark B. Grier, Vice Chairman of International Division    $3,530,000    $7,130,000

Directors

Accessed December 2007: [7]

Contact details

751 Broad Street
Newark, NJ 07102
Phone: 973-802-6000
Fax: 973-802-4479
Web: http://www.prudential.com

References

  1. Prudential Financial Profile, Hoovers, accessed November 2007.
  2. 2006 PAC Summary Data, Open Secrets, accessed November 2007.
  3. Clearinghouse on Environmental Advocacy and Research, project of the Environmental Working Group, Information on American Legislative Exchange Council, archived organizational profile, archived by Wayback Machine December 2, 2000, accessed August 19, 2011
  4. Prudential Financial lobbying expenses, Open Secrets, accessed November 2007.
  5. Prudential Financial, Open Secrets, accessed November 2007.
  6. Prudential Financial Key Executives, Yahoo Finance, accessed November 2007.
  7. Board of Directors, Prudential Financial, accessed December 10, 2007.