Trump election blow: Democrat rival Biden secures MILLIONS in Wall Street donations


    Both Mr Trump and Mr Biden have geared up their campaigns for president ahead of the November 3 election. Mr Trump has taken a battering in the polls in recent weeks, after his handling of the coronavirus pandemic, economic recession and Black Lives Matter protests have been panned by Democrats and Republicans alike.

    Wall Street bankers and financial executives have begun turning blue as they throw support behind Mr Biden’s election campaign.

    This is despite Mr Trump’s administration slashing regulations and taxes for the trading and financial sectors throughout his presidency.

    One senior investment banker told Vanity Fair Wall Street wants to see Mr Biden “crush” Mr Trump.

    They added: “The majority of my friends on Wall Street would like to see Trump lose to Biden.”

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    Others have gone public with their want to dump Mr Trump from the White House this November.

    Seth Klarman, a billionaire hedge fund manager, donated $3 million to Democrat backing fundraising groups.

    He donated the same amount to Republican candidates in 2016, but switched over because of Mr Trump’s presidency.

    In a damning indictment of the Republican Party, Mr Klarman said: “I’ve seen meaningful numbers of people put aside what would appear to be their short-term economic interest because they value being citizens in a democracy.”

    Mr Biden’s campaign has set up the Biden Action Fund to attract high-value donations from Wall Street, with May and June seeing the fund raise $11.5 million.

    In a major blow to Mr Trump, Mr Biden has raised a staggering $44 million from the financial industry, dwarfing the incumbent president’s $9 million.

    The fund’s donors include Josh Bekenstein, a co-chairman of the investment company Bain Capital, who has donated $710,000, as well as James Murdoch, former director of News Corp, and his wife Kathryn each donating $615,000 to a similar Biden Victory Fund.

    But Mr Trump still leads Mr Biden in terms of total donations, with last month seeing the Republican inch ahead with $165 million to the Democrats $140 million.

    The shocking switch of support in Wall Street follows speculation that Mr Biden would overturn Mr Trump’s 2018 tax law, which granted lower tax rates to the very wealthy.

    But Robert Wolf, former head of investment bank UBS, said Wall Street understands “the numbers don’t lie” about a US national debt of $24 trillion.

    He added: “The old saying that people vote with their pocketbook, I’m not sure I agree with that.

    “I think there’s more to people. I believe that people are much more substantive than just the pocketbook.”

    It follows the latest CBS polls showing Mr Biden leading Mr Trump in key battleground states Wisconsin and Pennsylvania.

    Mr Biden is leading Mr Trump by 6 percentage points in both states, but the Democrats lead is still within the margin of error for CBS.

    The pollsters said: “Those who say Wisconsin’s outbreak is a crisis are voting for Biden in even larger numbers than those who say the economy is very bad.

    “The small group who think the outbreak is not much of a problem back Mr. Trump in larger numbers than voters who say the state’s economy is good.”

    But in 2016, then-Democrat nominee for president Hillary Clinton also led Mr Trump by 6 points in Wisconsin polling, and narrowly lost the state by 0.7 points.


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