Money and Power: Wall Street Enters the Race Between Trump and Harris
Democratic presidential candidate Kamala Harris and her Republican rival Donald Trump are engaged in a fierce race ahead of the November elections. It seems that some Wall Street figures have chosen their preferred side. Here are the key leanings of some top Wall Street leaders, according to Reuters:
– Bill Ackman, CEO of Pershing Square Capital Management: Hedge fund billionaire Ackman endorsed Trump last month, shortly after Trump was shot in the ear during a rally, marking a significant shift from his position in January 2021 when Ackman called on Trump to resign after his supporters stormed the U.S. Capitol. Ackman recently spent a few hours with Trump and sat next to him at a fundraising event but did not explain why he endorsed him. Ackman also donated $1 million to Representative Dean Phillips’ primary campaign against President Joe Biden.
– Roger Altman, Co-founder of Evercore: Democratic donor Altman said in an interview with CNBC last month that he supports Harris and noted that both campaigns will have all the money they need. He added, “Money will not decide this race.”
– Marc Andreessen, General Partner at Andreessen Horowitz: The Silicon Valley venture capitalist, who previously expressed support for Democrats including Hillary Clinton, told employees last month that he was donating to Trump’s political action committees based on the former president’s technology policies.
– Scott Bessent, CEO of Key Square Capital Management: Hedge fund manager Bessent serves as an informal advisor to Trump’s campaign and is seen as a potential Treasury Secretary if Trump wins. Bessent told Bloomberg earlier this month that he advised Trump on how to control U.S. debt. He said, “This election cycle is the last chance for the United States to get out of this mountain of debt.”
– Blackstone CEOs: Longtime Trump donor and CEO of private equity giant Blackstone, Stephen Schwarzman, announced in May that he supports Trump, citing economic, immigration, and foreign policy concerns, despite saying in 2022 that he would not support Trump in 2024. He plans to donate to Trump this cycle, according to a person familiar with the matter. Meanwhile, Blackstone President and Schwarzman’s deputy, Jonathan Gray, contributed to Harris’ campaign.
– Jamie Dimon, CEO of JPMorgan: In an unusual move, Dimon, who generally leans towards Democrats, called on the next president in a Washington Post column this month to “restore our faith in America” and for the next administration to engage both political parties. However, he stopped short of endorsing any candidate.
– Blair Effron, Co-founder of Centerview Partners: Effron, a longtime Democratic supporter, backs Harris, according to multiple reports. Effron previously supported Harris during her 2020 campaign and praised her “great leadership” and personal qualities in a 2020 interview with Bloomberg.
– Ken Griffin, CEO of Citadel: The hedge fund billionaire and major Republican donor, who has expressed doubts about Trump in the past, said in May that he had not donated to Trump’s campaign. Griffin has so far focused on supporting Republican congressional races, according to a source familiar with the matter.
– Marc Lasry, CEO of Avenue Capital Group: The long-time Democratic financier who supported Harris during her first presidential campaign is backing her again for 2024. The Wall Street Journal reported this month that Lasry and his wife plan to host fundraising events for Harris.
– Howard Lutnick, CEO of Cantor Fitzgerald: Bloomberg reported that the investment banking services chairman, who says he has known Trump
