From a CNN article touting Biden’s relationship to Wall Street.
Compare this situation with 2012, when Wall Street sent $63.9 million to Mitt Romney, the GOP presidential nominee and a former private equity executive, according to OpenSecrets. Obama raised just $19.4 million from the industry during that cycle.
Sheila Krumholz, executive director for the Center for Responsive Politics, which runs OpenSecrets, said Wall Street could have a certain comfort level with Biden. Not only did Biden serve as vice president for eight years, but for decades he represented Delaware, a state that is home to major credit card companies.
“Biden was seen for many years as a close friend of major credit card companies. He’s certainly not leading from the left wing of the party,” Krumholz said.
He’s leading from the left wing, but not in a way that threatens the financial industry. That’s the key point.
President Trump is promising four more years of low taxes, light regulation and a laser-focus on the stock market. Yet professionals on Wall Street are shunning Trump and funneling staggering amounts of money to his opponent.
The securities and investment industry donated just $10.5 million to Trump’s presidential campaign and outside groups aligned with it, according to a new tally by OpenSecrets. It has sent nearly five times as much cash, $51.1 million, to Democratic presidential nominee Joe Biden.
For instance, Biden has raised $156,584 from individuals at Goldman Sachs (GS), according to OpenSecrets. With just $11,943 in contributions, Trump ranks a staggering 45th among federal campaign recipients…
At Citigroup (C), Trump has been outraised by Biden as well as Pete Buttigieg, Bernie Sanders, Yang, vice presidential nominee Kamala Harris and US Senator Doug Jones.
Trump has raised just $86,083 from JPMorgan Chase (JPM), the largest US bank. At $379,057, Biden has raised three times as much as Trump from JPMorgan. Trump was also behind Buttigieg and Sanders at JPMorgan.
While the Trump administration has been very good for the economy, it hasn’t necessarily been good for some vested special interests, and even when it comes to the stock market, there’s money to be made in a downturn, and then finding the right Republican for a rebound.
President Trump has waged war on open borders, on outsourcing, and on certain practices that are good for some big institutions, but bad for the country.
The question is whether Republicans will be adept enough to throw all this back at Democrats in time for the election.
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