Hedge Funds and Wall Street Overwhelming Support Joe Biden for US President Based on Contributions
Posted on 10/28/2020
According to the Center for Responsive Politics, people in the securities and investment industry will complete the 2020 election cycle contributing over US$ 74 million to support former US Vice President Joe Biden’s candidacy for president, eclipsing US President Donald Trump. Biden received major financial support from Wall Street executives in the third quarter.
Joe Biden’s Wall Street contributions tops both Donald Trump and Barack Obama, but is short of what Hillary Clinton raised in 2016.
Hedge Fund CIOs Strongly Favor Biden Based on Contributions
According to the Center for Responsive Politics, Biden received major support from Donald Sussman of hedge fund Paloma Partners, Seth Klarman of the Baupost Group, James Simons (founder of Renaissance Technologies), Joshua Bekenstein of Bain Capital, and Susan Mandel of Lone Pine Capital.
Traditionally in the United States, the Republican party benefits from Wall Street and big business, while Democrats benefit from labor unions and other special interest groups. In the past 20 years, more capital from Wall Street has supported Democratic candidates.
Major donors to the Center for Responsive Politics include the Sunlight Foundation, The Pew Charitable Trusts, the Carnegie Corporation of New York, Open Society Foundations, the Joyce Foundation, and the Ford Foundation.