How Trump vs. Harris is playing out on Wall Street
Kaja Whitehouse
- The US presidential election is always important, but this year the stakes are especially high.
- Donald Trump and Kamala Harris are on opposite ends of the spectrum a number of fundamental issues.
The US presidential election is always important, but this year the stakes may be especially high.
That's because the candidates — Donald Trump and Kamala Harris — are on opposite ends of the spectrum on many fundamental issues. Who wins the White House, therefore, could have far-reaching consequences on people's lives and the economy, says Richard Haass, former president of the Council on Foreign Relations.
"This is one of those rare elections where the differences probably outweigh the similarities, and that's why it's such a consequential election here at home for American democracy and also in the world for American foreign policy," Haass, a senior counselor to investment bank Centerview Partners, said in a recent conversation with Goldman Sachs titled "2024: The year of elections."
For Wall Street bankers, traders, and executives, the election stands also to affect their jobs and business prospects, from US trade relations to demand for megamergers. Former president Trump is expected to be good for cryptocurrency, for example, but bad for trade with China — and the list goes on.
Wall Street billionaires, therefore, are placing their bets — literally — by contributing money to the candidates of their choice.
To see where Wall Street's top leaders stand on this year's consequential election, Business Insider scoured the Federal Election Commission website for individual donations from Wall Street leaders between 2023 and July 2024. The data showed support for Trump and Harris pretty evenly split across an array of firms, from private equity giant Blackstone to investment bank Evercore. BI found zero direct donations, however, to either candidate from the heads of large, publicly traded investment banks, including Goldman Sachs, JPMorgan, Citi, Bank of America, and Morgan Stanley.
BI's FEC data search may not include some donations from July and August because it uploads new data monthly. Also, donations made to Harris's campaign before July 2024 were likely donations to President Joe Biden's 2024 reelection campaign, as many of his funds have been converted to Harris. That is why many of the donations to Harris below appear to have been made before Biden withdrew his candidacy. We will update this list when new data becomes available.
See here to find which Wall Street tycoons are voting for which candidate in 2024 presidential election, in alphabetical order:
Roger Altman
Title: Founder and senior chairman of investment bank Evercore
What he has said: Altman, who worked for the US Treasury under the Carter and Clinton administrations, told CNBC in July that he supports Harris.
Donations: In March, Altman donated $100,000 to the Harris Action Fund and $50,000 to the same fund in 2023. Last year, he also donated $25,000 to the Harris Victory Fund and $6,600 to Harris for President.
Blair Effron
Title: Partner and cofounder of Centerview Partners
What he has said: A supporter of Harris during her 2020 Presidential run, Effron has praised her leadership and called her the right candidate for the 21st century.
Donations: In March, Effron donated $100,000 to what is now the Harris Victory Fund. The FEC's website also shows several donations in 2023, including $55,000 to the Harris Victory Fund and $6,600 to Harris for President.
Jon Gray
Title: Blackstone's president and chief operating officer
What he has said: Gray, a former Biden fundraiser, donated to Harris' campaign after Biden dropped out of the race aside in July.
Donations: Gray donated $413,000 to the Harris Action Fund at the end of July, according to a person with knowledge of the contribution. He has also made several donations to Biden's campaign via funds that have since been converted to Harris, including $50,000 in 2023 to the Harris Action Fund and $6,600 via two donations of $3,300 to Harris for President.
Ken Griffin
Title: CEO and founder of hedge fund Citadel and founder of market-maker Citadel Securities
What he has said: Griffin supported Trump's rival in the Republican primaries, Nikki Haley, and recently told Bloomberg he would wait to see who Trump picked for vice president before deciding whether to put his billions of dollars behind the Republican candidate.
Donations: $0 to the campaigns of Trump, Biden, or Harris since 2023, according to the FEC's website.
Marc Lasry
Title: Chairman, CEO, and cofounder of hedge fund Avenue Capital.
What he has said: Lasry was a fundraiser for Harris during her 2020 Presidential run.
Donations: In March, Lasry gave $100,000 to the Harris Action Fund, following a $25,000 to the same fund last year. In 2023, he donated $6,600 to Harris for President and $15,000 to the Harris Victory Fund.
Howard Lutnick
Title: Chairman and CEO of financial services firm Cantor Fitzgerald
What he has said: Lutnick, a Trump fundraiser, has applauded Trump on the social media platform X for his "supportive stance on #Bitcoin," and called the ex-president "a great friend and a great man."
Donations: In April, Lutnick donated $413,000 to the Trump 47 Committee.
Omeed Malik
Title: Founder and CEO of merchant bank Farvahar Partners
What he has said: Omeed has cited Trump's economic policies and what he views as the weaponization of the rule of law on the left.
Donations: In March, Malik contributed $6,600 to Donald J. Trump for President 2024 Inc. via 2 $3,300 donations. He contributed $31,600 to the Trump 47 Committee across two donations this year.
Robert Mercer
Title: Former CEO of hedge fund Renaissance Technologies
What he has said: Robert Mercer was a big supporter of Trump in 2016 and reportedly played a role in getting Steve Bannon, the former head of Breitbart News, which Mercer part owned, into the Trump White House.
Donations: In March, Mercer donated $814,399 to the Trump 47 Committee and $6,600 to Donald J. Trump for President 2024 via two $3,300 donations.
John Paulson
Title: Founder of Paulson & Co., a hedge fund turned family office
What he has said: Paulson has said he supports Trump's policies on energy, border security, and trade. He has held a number of fundraisers for Trump, and the former president has floated his name as a potential Secretary of the US Treasury.
Donations: Paulson has made numerous donations to Trump PACs over the years, including $806,300 to the Trump 47 Committee in March.
Nelson Peltz
Title: Founding partner of hedge fund Trian Partners
What he has said: Peltz disavowed Trump after the January 6 riots at the US Capitol but told the Financial Times in March that he would probably vote for him again, citing Biden's fitness for office.
Donations: $0 to the campaigns of Trump or Harris since 2023, according to the FEC's website.
Peter Orszag
Title: Chief executive officer of the investment bank Lazard
What he has said: Orszag, former director of the US Office of Management and Budget under President Barack Obama, told CNBC in July that he supports Harris.
Donations: In June, Orszag donated $100,000 via two $50,000 donations to the Harris Victory Fund and $6,600 via two $3,300 donations to Harris for President.
Steve Schwarzman
Title: The chairman founder of private equity giant Blackstone
What he has said: Schwarzman in May issued a statement putting his weight behind Trump. In the statement, Schwarzman cited the "dramatic rise in antisemitism," as well as the economy, immigration, and other policies that are "taking the country in the wrong direction."
Donations: In May, Schwarzman donated $419,600 to the Trump 47 Committee and $6,600 to Donald J. Trump for President 2024 Inc. via two $3,300 donations.
Paul Singer
Title: Elliott Management's founder, president, co-CEO, and co-CIO
What he has said: Singer was a big donor to Trump rival Nikki Haley and has criticized Trump's trade policy, but reportedly met with Trump over the summer to discuss a potential donation.
Donations: In June, Paul Singer donated $419,600 to the Trump 47 Committee.
Joan Solotar
Title: Blackstone's global head of private wealth solutions
What she has said: Solotar appears to have let her money do the talking.
Donations: $25,000 in May to what is now the Harris Action Fund, $6,600 through two donations of $3,300 in May to Harris for President.
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