Hordes of industry executives will descend on the city to celebrate Hillary Clinton’s nomination for president and renew close associations that vexed the Democratic standard-bearer throughout her primary battle with Bernie Sanders.
Blackstone, one of the nation’s largest private equity firms, will hold an official reception in Philadelphia on Thursday featuring its president, Tony James, sometimes mentioned as a possible Treasury Secretary in a Clinton administration.
The financial contingent will be in an especially good mood following Clinton’s selection of Virginia Sen. Tim Kaine as her running mate. Kaine has shown a willingness to fight for regional bank relief from the Dodd-Frank financial reform law. But more than that, he’s not Elizabeth Warren, the potential VP pick that long had Wall Street terrified.
Republicans with ties to the financial industry will also be there, a sharp contrast to Donald Trump’s convention in Cleveland, which Wall Street largely shunned over fears of the GOP nominee’s populist agenda on trade, immigration and Wall Street reform.
Wall Street, America’s most despised industry, is putting all of its eggs in the Hillary Clinton basket. I must say, I’m actually pretty shocked at the extent to which the industry’s heavyweights are backing her. There’s really only one explanation – they know she’s a sure thing.
You don’t go into Wall Street to help the world. You go in to make money, stroke your ego and perhaps one day be lucky enough to be deemed “master of the universe” by some finance humping media outlet like Bloomberg or CNBC. Wall Street oligarchs aren’t rallying around Hillary because they find Trump offensive. The only thing these people find offensive is not making money. They know Hillary, they’ve paid Hillary, and they are 100% confident she will do their bidding. Trump on the other hand is unpredictable and injects into the environment what the current crop on Wall Street hates more than anything else, risk.
The U.S. economy is totally rigged. While in the past, you were expected to take on a great deal of risk to earn an outsized return, most large returns these days have been gamed to such and extent that they amount to riskless schemes through which the U.S. taxpayer funnels money upward to a handful of oligarchs. Hillary will unquestionably keep this system in place. Trump, we just don’t know.
This is why the real players Wall Street want Hillary. They want the riskless pillaging of society to continue uninterrupted. As usual, money talks.
As The Hill reports:
Hedge fund moguls are pouring stunning amounts of cash into the main super-PAC supporting Hillary Clinton’s presidential campaign.
George Soros and Donald Sussman, liberal financiers based in New York, have now given at least $10.5 million each to Priorities USA, an outside group that has already reserved more than $150 million in advertising to help Clinton win the White House.
Pushing him over the $10 million mark, Soros sent the super-PAC an additional $2.5 million in August, according to the latest reports from the Federal Election Commission.
Sussman sent $2 million in August too, giving him an identical total donation to Soros.
Soros scaled back his political spending during the Barack Obama years. Stories later emerged suggesting he’d been unhappy with the way he’d been treated by the president.
An email released last year by the State Department showed Clinton ally Neera Tanden telling the then-secretary of State that when she spoke with Soros at a dinner, he’d told her he regretted supporting President Obama over Clinton in the 2008 Democratic primary.
Recounting her conversation with Soros, Tanden told Clinton: “He’s been impressed that he can always call/meet with you on an issue of policy and said he hasn’t met with the President ever (though I thought he had.)”
The latest injections of cash from Soros and Sussman continue a trend of Wall Street money flowing overwhelmingly to Clinton over her Republican rival Donald Trump.
It’s highly unusual — perhaps unprecedented — for a Democratic presidential candidate to out-raise a Republican among the financial sector by the margin by which Clinton is out-raising Trump.
Citing data from the nonpartisan Center for Responsive Politics, the Wall Street Journal reported in July that “seven financial firms alone have generated $47.6 million for groups working on Mrs.Clinton’s behalf.”
The comparable amount raised for Trump at that time was $19,000. And though his haul from the financial industry has increased substantially by now, it still pales in comparison to Clinton’s.
For prior articles on Hillary Clinton’s love affair with Wall Street, see: