Politics

Former Goldman Sachs President Harvey Schwartz makes a big late donation to Joe Biden

Harvey Schwartz, President and Co-Chief Operating Officer of Goldman Sachs Group Inc.

Andrew Harrer | Bloomberg | Getty Images

A former Goldman Sachs president made a late contribution to one of Joe Biden's joint fundraising committees just three weeks ago.

Harvey Schwartz donated $ 100,000 to the Biden Action Fund. Schwartz's name appears on a file held by the Bundestag Electoral Commission, and a person with direct knowledge of the matter confirmed that it was him.

The committee raises funds for Biden's campaign, the Democratic National Committee and the States Parties.

The file lists Schwartz and a New York address and describes his job as "self-employed". The post was edited on October 5th, records show.

Schwartz left the bank in 2018 after serving as president for a little over a year. Prior to this position, he was Goldman's chief financial officer.

He was involved in a reported succession battle with David Solomon while the two served as co-presidents and co-chief operating officers. Both were supposed to replace veteran CEO Lloyd Blankfein, but it was Solomon who ended up taking first place. According to the New York Times, Schwartz threatened to resign if he didn't get the CEO appearance. He retired in 2018.

Schwartz's contribution to Biden this month was the largest political donation he has ever made, according to the non-partisan Center for Responsive Politics. It's also one of the largest donations the Biden Action Fund received in the first two weeks of October. He's been giving to Republicans and Democrats for the past few years.

Schwartz declined to comment when asked about the six-figure investment.

The donation is the latest example of big money from Wall Street in support of Biden.

Securities and investments people have spent over $ 50 million supporting Biden's presidential run. This includes spending millions on outside groups that support the democratic candidate.

Meanwhile, President Donald Trump's supporters on Wall Street have withdrawn to support his offer for re-election.

In the final two weeks of the election, Biden, DNC, and their joint fundraising committees had $ 330 million. Trump, the Republican National Committee, and their joint fundraising committees held over $ 220 million over the same period.

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