We’ve wondered for a while now if business is worried enough about Trump’s mishandling of, well, everything, that would try to get him out of office. Well, it seems they are working to do just that:
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.
And yet the fact that Trump has been outraised so badly — by a wider margin so far than Republicans were outraised in 2008 or 2016 — is surprising because analysts warn that his opponent could be a nightmare for Wall Street.Consider that S&P Global Market Intelligence recently estimated that Biden's plan to raise the corporate tax rate could cause profits at America's ten largest banks to plunge by a combined $7 billion each year.
“Boutique investment bank Keefe, Bruyette & Woods” is telling clients their best scenario is Biden in the White House and GOP control of the Senate (not caring that Moscow Mitch is more dangerous than Trump). Still, no surprise here:
CNN Business analysis of OpenSecrets research shows that Biden is beating Trump in fundraising from all of America's big banks — in some cases by wide margins.
After all, it’s been decades since Trump could find an American bank willing to lend him the time of day.
It's not just Wall Street that is snubbing Trump. The broader sector encompassing finance, insurance and real estate also tilts heavily blue, sending $86.7 million to Biden and outside groups that support the Democrat. By contrast, Trump has received only $50.4 million from the finance sector.
We must view this warily, since Wall St. still wants Moscow Mitch in charge. We’re all working very hard to make sure that doesn’t happen — and let’s also keep an eye on the House. It’s reasonably secure, but nothing is reasonable these days. Still, it is refreshing to see the Masters of the Universe thinking — for once — beyond their next bonus.
The fundraising totals suggest many in finance have decided they can live with a Biden presidency, even if that risks smaller paychecks.
I’ve been Dan K for a long time here, but I went away while I was in the Peace Corps (Kenya) and then while I was working as a Foreign Service Officer. But that’s all behind me now.