A report in today’s Politico sheds further light on why Wall Street is holding its nose and deserting the business-friendly Biden administration for the more business-friendly Republicans - even under Trump, an unpredictable candidate with authoritarian tendencies.
"Many high-dollar donors at banks, hedge funds and other financial firms had turned their backs on Trump as he spun unfounded claims that the 2020 election had been stolen and savaged the judicial system with attacks”, the report says.“Today they’re setting aside those concerns, looking past qualms about his personality and willingness to bulldoze institutional norms and focusing instead on issues closer to the heart: how he might ease regulations, cut their taxes or flex U.S. power on the global stage.“ Inflation and the associated higher cost of borrowing as well as Biden appointees to regulatory agencies such as Lina Khan at the Federal Trade Commission and Gary Gensler at the Securities and Exchange Commission were also cited as grievances by Wall Street investment bankers and Silicon Valley venture capitalists. The report names Nelson Peltz, Stephen Schwarzman, Shaun Maguire. Bill Ackman, Robert Bigelow, John Catsimatidis, and Scott Bessent as among the most prominent CEO’s who bitterly denounced Trump for inciting a riot rather than respecting an orderly transfer of power and other bourgeois democratic norms following his defeat in 2020. Bessent was chief investment officer at Soros Fund Management and McGuire, a partner at Sequoia Capital, is identified as "a former Hillary Clinton supporter”. For these corporate heads, “the threat to capitalism from the Democrats is more concerning than the threat to democracy from Trump”, Kathy Wylie, president of a New York City business association, told Politico. One notable dissenter is former Trump supporter and hedge fund executive Anthony Scaramucci. Scaramucci was fired as Trump’s communications director in the White House after just 10 days in 2017. He speaks for that wing of the US ruling class which believes that Trump is too erratic and divisive at home and abroad to effectively lead. Trump’s plans to systematically deport millions of undocumented immigrants, reshape the justice system and politicize the federal workforce would represent an unprecedented amassing of executive power, which would “be bad for business,” Scaramucci said. “You need a democracy to have effective capitalism. If you don’t, you get cronyism. You get oligarchy. You get crony capitalism. You get arbitrary and capricious administration to the law, which reduces people’s tendency to invest in your country.” More at: https://www.politico.com/news/2024/06/10/billionaires-learned-to-stop-worrying-and-love-trump-00162219 https://www.politico.com/newsletters/morning-money/2024/06/10/the-moochs-warning-to-trumps-new-pals-on-wall-street-00162439 -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#30715): https://groups.io/g/marxmail/message/30715 Mute This Topic: https://groups.io/mt/106600281/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
