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Home / US / Wall Street spent more than $74 million to support Joe Biden’s presidential campaign

Wall Street spent more than $74 million to support Joe Biden’s presidential campaign



U.S. Democratic presidential candidate and former Vice President Biden speaks during the election campaign in Atlanta, Georgia on October 27, 2020.

Brian Snyder | Reuters

According to the latest data from the Political Center of Non-Party Response, the securities and investment industry will complete the 2020 election cycle and will provide Joe Biden (Joe Biden) with more than $74 million in funding for the presidential campaign, which is more than President Donald Trump. The funds raised from Wall Street are much larger.

The cycle begins in 201

9.

The money includes donations to Biden’s joint fundraising committee and the super super PAC that supported his campaign in the first two weeks of October. Former Goldman Sachs president Harvey Schwartz donated $100,000 this month to the Biden Action Fund, a joint fundraising committee between the movement, the Democratic National Committee and the states.

Biden also received substantial financial support from Wall Street leaders in the third quarter. In the final two weeks of the election, Biden, DNC and their joint fundraising committee have more than $330 million on hand. Trump, the Republican National Committee and its joint committees have more than $220 million on hand. Biden’s campaign is expected to raise $1 billion by election day six days ago.

Since the beginning of the elementary school season, the leaders of Biden’s campaign have been encouraging Wall Street leaders to support the former vice president’s campaign.

According to CNBC reports at the time, Biden’s campaign chairman Steve Ricchetti (Steve Ricchetti) met with the treasurer in January this year to encourage them to support his candidate. Participants included Evercore founder Roger Altman, long-term investor Blair Effron, Blackstone COO Jonathan Gray, former Citigroup executive Ray McGuire, Centerbridge Partners co-founder Mark Gallogly, and former US ambassador to France Jane Hartley.

Most of these people support Biden by holding fundraising events or donating money to Biden.

CRP data shows that the external groups supporting Biden have received huge amounts of financial support from the executives of the hedge fund Paloma Partners and those connected with the investment company Renaissance Technologies. According to documents from the Federal Election Commission, since the victory on Super Tuesday in March, Jim Simons, the founder of Renaissance Technology, has donated at least $7 million to the two super political action committees supporting Biden. Simmons also donated $350,000 to the Biden Action Fund in June.

Henry Laufer, chief scientist and research vice president of the Renaissance, donated $625,000 to American Bridge PAC in June. Donald Sussman, the founder of Paloma Partners, completed the 2020 cycle and donated at least $9 million to various Biden super PACs.

CRP data shows that people working in hedge funds, private equity, and other investment-type companies completed the election and directly donated nearly $20 million to Biden’s campaign.

Wall Street’s financial support for Biden surpassed Barack Obama’s two presidential campaigns combined. It surpassed the funds raised by Wall Street executives to support Donald Trump in the 2016 and most recent 2020 elections. The total will be less than Hillary Clinton’s 2016 presidential campaign; she earned more than $87 million in income from the securities and investment industries.

Trump received $20 million in revenue from financial industry players in 2016. Four years later, he will end his re-election campaign for Wall Street for slightly more than $18 million. Many of Trump’s former financial supporters, including those who paid millions of dollars for his 2017 inauguration, are far away from those who helped him run for re-election.

Progressive pressure

Overall, in the 2020 election cycle, between Congress and the presidential campaign, there are more than $625 million in securities and investment industry staff. This is the most expensive election ever for people working in finance and investment.

Nearly $370 million is spent on super PACs and external groups, which can raise unlimited funds. Democrats received 63% of the money, while 37% of the money went to the Republican Party. More than $161 million was spent on votes for Democratic candidates, while $94 million was spent on Republicans. In 2016, 50% of Wall Street’s money went to the Republican Party and 49% went to the Democratic Party.

When the money from Wall Street financiers arrive, even if progressives are preparing to withdraw Biden, they may appoint business leaders to his cabinet.

Jeff Hauser, the founder of the Progressive Revolving Door Project, has collected a large amount of opposition research against Biden’s possible cabinet members. He said he is “cautiously optimistic” that Wall Street funding will not shake the government’s possible actions. Personnel decision. However, he believes that the former vice president’s advisers may view the financial sector’s help as a reason for allowing them to enter the Biden-White House.

“My concern is that traditional thinkers in the Biden world might think they should respect the source of this $75 million,” Hauser told CNBC on Wednesday.

While Biden was supported by Wall Street blockbusters, many large banks began telling customers that the former vice president may be heading for victory and that Democrats may sweep both houses of Congress.

The big bet on Wall Street

According to a call summary obtained by CNBC, Goldman Sachs briefed customers about Biden’s potential victory two weeks ago.

These bankers quoted “Real Clear Politics” polls and showed their clients an election map. It is estimated that Biden is heading to win Pennsylvania, Michigan, Wisconsin, Florida, Arizona, Iowa, Roads in major states such as Ohio and North Carolina. With victories and victories in other states, Goldman Sachs told clients that Biden may eventually get 360 votes, which is enough to win the 270 votes required for the presidency.

Those on the phone at the time included Joe Wall, the general manager of government affairs at Goldman, and Ash Carter, the former secretary of defense under Obama.

Wall Street’s bet on Joe Biden is high because these executives seem to be unaware of the chance that their tax rates may increase during his administration and are preparing for those new policies to take effect.

Deutsche Bank released a customer report on Wednesday that many public state and national polls in the state showed that Biden was ahead of Trump. Then, they detailed how Biden’s tax proposal, which will raise taxes for people with an annual income of more than $400,000, affects high-income earners. One of the reports they cited was an analysis by the Tax Policy Center.

The summary of the report in mid-October stated that Biden’s “proposal would increase federal income by US$2.4 trillion over the next ten years. Under his plan, the highest-income households will substantially increase their taxes; the two lowest-income households will have tax burdens. Will reduce the quintile.”

Biden also proposed to expand the child tax credit. This will increase the annual credit for each child in a family from US$2,000 to US$3,000 and will be issued in monthly installments instead of the current spring lump sum payment. Children under 6 will receive an income of US$3,600.


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