Wall Street Benefited from Trump, Supports 'Joe Biden' in November Election

From Former Vice President Biden to President Trump in Fundraising

[Image source=AP Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Wall Street financial firms, which benefited from the Donald Trump administration, have opened their wallets for Democratic candidate and former Vice President Joe Biden in the presidential election to be held this November.

According to the New York Times (NYT) on the 9th (local time), the donations Biden received from Wall Street this year amounted to $44 million (approximately 52.2 billion KRW), nearly five times more than the $9 million (approximately 1.07 billion KRW) received by President Trump.

Wall Street benefited from the Trump administration's pro-business policies such as tax cuts and deregulation, but NYT analyzes that fatigue with Trump's unpredictable governing style has caused them to turn away.

While Wall Street is not particularly pleased with Biden, who has pledged tax increases and stronger regulations, there is a belief that if he is elected, he will perform the presidency in a seasoned and systematic manner.

The "Biden Action Fund," formed mainly by Wall Street financial industry insiders, reportedly raised $11.5 million (approximately 1.36 billion KRW) in just May and June this year.

However, NYT pointed out that Wall Street's donations could be a "double-edged sword" for Biden, citing former Secretary of State Hillary Clinton as an example.

After stepping down as Secretary of State in 2013, Clinton faced fierce criticism from the progressive camp when it was revealed that she gave private lectures at Wall Street firms such as investment bank Goldman Sachs and received large sums of money.

When asked about Wall Street's role in fundraising, Biden's camp gave their usual response: "The United States is not a country founded by Wall Street bankers, CEOs, and hedge fund managers."

Meanwhile, Wall Street financial workers in the U.S. tend to lean socially progressive but have taken different stances depending on the political issue at hand, such as presidential elections.

In 2004, they supported President George Bush; in 2008, President Barack Obama; in 2012, former Senator Mitt Romney; and in 2016, former Secretary Clinton, alternating between the Republican and Democratic parties.

This content was produced with the assistance of AI translation services.