Trump's campaign nearly went broke for the 2020 homestretch, insiders say
Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.
Read on for the inside story on the Trump campaign's finances, Anand Giridharadas lambasting corporate board members, and a new threat to the management consulting industry.
Hello
The US election, now just a few weeks away, continues to dominate the news cycle. Here's what's trending on Insider right now:
- US spies say the Hunter Biden email controversy shows how 'exploitable' and 'grotesquely vulnerable' Trump and Giuliani are to Russian intelligence
- Eric Trump tried to make Biden look corrupt by sharing a picture of a palatial house he claims the Democrat lives in — but Biden sold it 24 years ago
- Over 160 business groups call on President Trump to withdraw executive order banning some diversity trainings
There was big news in New York politics this week as Citigroup's vice chairman Raymond McGuire resigned to announce his candidacy for New York City mayor. Dakin Campbell spoke to those close to McGuire, along with political strategists, to get the inside story on McGuire's decision to run, and the biggest challenges he'll face. You can read that story in full here:
From Tom LoBianco:
Before his demotion this summer as President Donald Trump's campaign manager, Brad Parscale had planned for a stunning amount of money to arrive during the 2020 homestretch that would have covered equally shocking spending but left the reelection effort dead broke by the start of October, three Republicans close to the president's campaign told Insider.
Parscale had been banking on campaign donations to miraculously double in October by about $200 million more than other recent months, one Republican close to the president said. The Republican said Trump's new campaign team, led by Bill Stepien, had to rush to cancel the spending approved by Parscale to salvage the president's bid for a second term.
But money has been tight since then, leaving no less than the president himself to attempt to beat back stories that his campaign is on the rocks and float the idea, again, that he would open up his own checkbook to keep it running.
Read the full story here:
Also read:
- Let the blame game begin. Republicans point the finger at Parscale, Kushner, Stepien, and Trump himself as the president's team braces for a potential 2020 blowout.
- How the GOP learned to love QAnon
Anand Giridharadas lambasts corporate board members
From Kate Taylor:
When Anand Giridharadas was invited to speak at the National Association of Corporate Directors' annual summit, the writer — known for his sharp critiques of billionaires and the global elite — did not hold back.
"A lot of your children and grandchildren do not respect your work," Giridharadas said on Monday to more than 3,000 directors watching the summit virtually, according to audio obtained by Business Insider.
Giridharadas slammed directors for their lack of action, portraying businesses as making empty promises while simultaneously dodging responsibility.
"This being a group of corporate directors, I ask again, where were you?" Giridharadas said in his remarks. "Where were you in the run-up to the climate crisis? Where were you during widening inequality over the last four decades? Where were you in the run-up to the subprime crisis? Where were you in the run up to the opioid crisis? Where were you?"
The aggressive remarks shocked many of the hundreds of people virtually attending the summit, which is billed as the "the largest and most influential director forum in the world."
Read the story in full here:
Tech is coming to eat the $200 billion management-consulting industry
From Samantha Stokes:
For decades, prestigious management-consulting firms like McKinsey, Bain, and BCG — collectively known as the Big 3 — have been an important part of the business world by advising clients and offering strategies for growth.
But the $200 billion consulting industry is facing a new threat: technology.
When it comes to information, expertise, insight and execution, technology is threatening to disrupt consulting firms' ability to offer services to clients at a high price tag.
Read the full story here:
Also read:
An invitation
The year 2020 has delivered surprises and shattered records at every turn — and the November elections could prove to be no different.
Join Business Insider on Wednesday, October 21 at 2 p.m. ET and hear from three investment experts who will share their advice on how to navigate the election-season peak.
Business Insider's Joe Ciolli will speak with Thomas Lee, managing partner and head of research for Fundstrat Global Advisors; Nancy Davis, founder and managing partner of Quadratic Capital Management; and James McDonald, CEO and chief investment officer of Hercules Investments.
Also read:
- Nancy Zevenbergen is in the top 1% of investors over the past 5 years. She breaks down what she looks for in young companies — and shares 4 stocks she thinks could be market leaders 10 years from now.
- GOLDMAN SACHS: Buy these 15 stocks set to deliver the strongest possible profit growth and subsequent returns through year-end
Here are some headlines from the past week you might have missed.
— Matt