President Trump, a self-proclaimed master at making deals, again opted for executive action over negotiation with Congress. And, yes, we’re still waiting for Joe Biden to pick a running mate. It’s Monday, and this is your politics tip sheet. Sign up here to get On Politics in your inbox every weekday.
A Trump merchandise float on display on Saturday at the Sturgis Motorcycle Rally in South Dakota, where tens of thousands of motorcyclists gathered despite the coronavirus pandemic.
Biden or Trump? Wall Street is betting on Biden
President Trump has cut their taxes and slimmed regulations. And Joe Biden did not exactly wow them in the Democratic primary. Wall Street types first swooned for Pete Buttigieg and later dreamed of the possibility that one of their own, Michael R. Bloomberg, might become the nominee.
But in a presidential contest between Biden and Trump, the financial industry has lined up firmly behind Biden, embracing his message about bringing stability even if that means taxes might tick upward. “For people who are in the business of hiring and firing C.E.O.s, Donald Trump should have been fired a while ago,” said James Attwood, a managing director at the Carlyle Group and a former investment banker at Goldman Sachs who recently contributed $200,000 to Biden and the Democratic National Committee.
One campaign account that the Biden campaign established in part to solicit the financial industry raised $11.5 million in just May and June.
Biden, despite his two terms as vice president and decades as a senator from Delaware, does not have deep ties in the financial power center of New York. But a number of Wall Street executives have been hosting $1 million-plus events for him in recent weeks. And the Biden campaign has aggressively pursued Wall Street cash, setting up economic and policy briefings for bundlers and other influencers in the industry.
All that financial support comes with some political downside. Progressives whom Biden is hoping to turn out in historic numbers have long worried about the influence of the industry.