Kamala Harris enjoys significant support from key figures in corporate finance, despite a sometimes rocky relationship with Wall Street. Notable backers include billionaires Jonathan Gray of Blackstone, Marc Lasry of Avenue Capital Management, and hedge fund titan George Soros. Other prominent supporters include media mogul Barry Diller and construction magnate Bob Clark.
Corporate Darling: Wall Street Billionaires Line Up to Back Kamala Harris
So if DT is all in it for giving tax breaks to the wealthy, rich and powerful on Wall Street as the Dems imply, why are all the Wall Street billionaires backing Harris? https://t.co/WdeHbzJPtW
— Ian Ginsberg (@Anthalas9) July 23, 2024
The support comes despite Harris’s limited public record on financial regulation. As California’s attorney general, she secured an additional $20 billion for homeowners in a 2012 settlement over mortgage mishandling by big banks. During this settlement, she had a tense conversation with JPMorgan Chase CEO Jamie Dimon, which she described as “like two dogs in a fight” in her 2019 memoir.
Harris also sponsored the 2019 “Accountability for Wall Street Executives Act,” which aimed to give state prosecutors the ability to subpoena bank records in cases of financial fraud. This history leaves questions about what her financial policies might be if she were to win, as analysts predict she may not be as lenient towards financial firms as Donald Trump, who is seen as more favorable to the sector. Trump’s promise to reduce regulations is expected to benefit Wall Street, potentially revitalizing dealmaking and boosting bank stocks.
Wall Street’s billionaires and big-hitters are backing Kamala Harris: “This is a clarion call for democracy.” https://t.co/GO8ZtBFaeJ
— FORTUNE (@FortuneMagazine) July 23, 2024
In contrast, the financial sector has performed well under President Joe Biden, with the S&P 500’s financial sector rising 75% since Election Day 2020, compared to a 24% increase during Trump’s term. While a Trump victory is seen as potentially favorable for Wall Street due to expected regulatory rollbacks, the sector has also thrived under the current administration despite regulatory pressures.
Major Points
- Kamala Harris has garnered backing from prominent finance figures despite past tensions with Wall Street, including a clash with JPMorgan Chase’s CEO.
- Supporters include billionaires Jonathan Gray, Marc Lasry, George Soros, Barry Diller, and Bob Clark.
- Harris’s notable actions include a $20 billion settlement with big banks in 2012 and sponsoring the “Accountability for Wall Street Executives Act” in 2019.
- Analysts predict Donald Trump would be more favorable to Wall Street, promising deregulation to boost the financial sector.
- Despite regulatory pressures, the financial sector has performed strongly under President Joe Biden, with the S&P 500’s financial sector rising 75% since Election Day 2020.
Lap Fu Ip – Reprinted with permission of Whatfinger News
