In 2020, Billionaires Back Biden

One of the more fascinating aspects of the 2016 election was the simple reality that every one of the Republican Party candidates except now President Donald Trump was backed by a Wall Street Billionaire. (Since Trump is a billionaire himself, he really didn’t need one.) For the most part, the wealthy men were hedge fund managers four years ago.

This year, however, their money is backing the Democrat challenger Joe Biden:

Tony James, vice chairman of Blackstone Group Inc., LinkedIn co-founder Reid Hoffman, and U.S.-Israeli movie producer Haim Saban were some of the biggest names on the list released by Biden’s campaign late Saturday…

In all, the list showed 724 individuals and 93 couples who raised at least $100,000 for the campaign and its joint fundraising committees, one of which, the Biden Victory Fund, can accept donations up to $827,800.

The volunteer fundraisers, sometimes referred to as bundlers, raised at least $81.7 million, though the actual amount is most likely far higher.

Other Wall Street figures who raised money for Biden include Blair Effron, co-founder of Centerview Partners; Deven Parekh, managing director of Insight Partners; and Roger Altman, the founder of Evercore, who hosted a virtual fundraising event for Biden on Oct. 14.

Morgan Stanley Vice Chairman Tom Nides, Eton Park Capital Management founder Eric Mindich, investor Alan Patricof of Greycroft Partners LLC, and hedge-fund manager Orin Kramer also raised money for Biden.

Venture capitalists Ron Conway, founder of SV Angel, and Kleiner Perkins Caufield & Byers co-founder Brook Byers were among the Silicon Valley investors who raised money for the former vice president.

The Bloomberg article quoted, of course, has more examples of the billionaire class and their preference for Mr. Biden in the Oval Office, but the point is pretty clear:

The billionaires don’t approve of the way President Trump is going about the American people’s business. He is putting the people first, not the dollar or the billionaires, and they aren’t happy about it, so they are throwing money at the issue hoping to make a change.

On Tuesday, the American people will surely have something to say about that.

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