Wall Street donors from the nation’s biggest banks will end up spending about $74 million trying to get Democrat presidential candidate Joe Biden elected.
The latest financial report from the Center for Responsive Politics reveals that Biden is set to rake in more than $74 million from Wall Street, which is more than the financial industry gave President Obama in his 2008 and 2012 campaigns combined.
The sum includes contributions that began in 2019 and continued through the first two weeks of October to Biden’s joint fundraising committees and outside super PACs backing his run. Former Goldman Sachs President Harvey Schwartz gave $100,000 this month to the Biden Action Fund, a joint fundraising committee for the campaign, the Democratic National Committee and state parties. [Emphasis added]
Biden also received a ton of financial support from leaders on Wall Street in the third quarter. Going into the final two weeks of the election, Biden, the DNC and their joint fundraising committees had over $330 million on hand. That’s $110 million more than for Trump, the Republican National Committee and their joint committees. Biden’s campaign is on track to raise $1 billion in the six days until Election Day. [Emphasis added]
Biden’s campaign chairman, Steve Ricchetti, met with finance executives in January to encourage them to back his candidate, CNBC reported at the time. Attendees included Evercore founder Roger Altman, longtime investor Blair Effron, Blackstone Chief Operating Officer Jonathan Gray, former Citigroup executive Ray McGuire, Centerbridge Partners co-founder Mark Gallogly, and former U.S. Ambassador to France Jane Hartley. [Emphasis added]
Biden, by November 3, will have raised just about $13 million less from Wall Street than Hillary Clinton in her failed 2016 presidential run.
President Trump has received just a fraction of what Biden has taken from Wall Street. By November 3, Trump will finish the race with more than $18 million from Wall Street executives and employees — a whopping $56 million less than Biden’s total.
CNN analysis from September noted that “all the big banks” are backing Biden against Trump this election, as they backed Clinton against Trump in 2016.
Moody’s Analytics and Goldman Sachs reports to investors have sought to boost Biden’s chances against Trump by cheering a potential “blue wave” on election day. Biden has reportedly promised Wall Street donors, behind closed doors, a return to a globalized, economic status quo that has forced working and middle-class American communities into a managed decline for decades.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.