Politics

Joe Biden's donation listing contains greater than 30 executives with Wall Road connections

Over 30 executives with Wall Street connections have raised funds for Joe Biden's presidential campaign.

CNBC checked a new list of more than 800 Biden bundlers who had raised at least $ 100,000 for the campaign and found that some of them had ties to financial firms. Some had previously been mentioned on the first list of Biden fundraisers opened to the public during the Democratic Elementary School in 2019.

These coordinators urged their extensive networks in business and philanthropy to stand up for the Biden campaign.

They have also made six-figure contributions to Biden's joint fundraising committees and hosted virtual fundraising events. The joint committees help raise funds for the campaign, the National Democratic Committee, and the States Parties.

The list includes two executives at Blackstone: Jonathan Gray, president of the investment giant, and Tony James, the company's chairman. The updated list was officially released late Saturday.

Others include Frank Baker, co-founder of private equity firm Siris Capital; Bill Derrough, DNC Treasurer and Managing Director of Moelis & Company investment bank; Mark Gallogly, co-founder of investment firm Centerbridge Partners; Marc Lasry, the CEO of Avenue Capital Group; and Robert Rubin, who is currently a consultant at investment firm Centervew Partners.

Rubin was once a co-chair of Goldman Sachs before becoming Bill Clinton's Secretary of the Treasury. Centerview co-founder Blair Effron is also on Biden's new bundler list.

Lasry, who is also a co-owner of the Milwaukee Bucks, raised over $ 3 million, according to a person with direct knowledge of the matter. This person declined to be named as the amount had not yet been released. Derrough told CNBC in an interview on Sunday that he brought in just over $ 1 million.

Several lawyers affiliated with the financial industry helped raise funds for Biden in the 2020 election.

Brad Karp, chairman of the legal juggernaut Paul Weiss, is one of those attorneys. He names Citigroup, JP Morgan, Bank of America, Morgan Stanley, Goldman Sachs, Blackstone and Apollo Global Management as clients. Jon Henes, a partner at Kirkland & Ellis and a leading consultant on restructuring and corporate governance, is also on the Biden Bundler list.

Henes was Sen. Kamala Harris' national finance chairman when she ran for president.

Faiza Saeed, partner at Cravath, Swaine & Moore, "advises public companies, boards of directors and special committees in connection with M&A, corporate governance and crisis management," it says on its website. In the Featured Work section of the website, Saeed lists Viacom's recent acquisition of CBS and a deal between Occidental Petroleum and longtime investor Carl Icahn.

Although the Biden campaign did not specify how many of these financiers would reach the top level of donation of at least $ 2.5 million, their efforts have clearly boosted the former Vice President's war chest. The surge in fundraising that Biden received in the third quarter alone enabled him to increase ad spending before President Donald Trump.

A recent study by the Wesleyan Media Project shows that Biden's campaign spent over $ 560 million on television, digital and radio advertising. Trump has now spent a little over $ 425 million on the same platforms.

The donation from these leaders on Wall Street also reflects the support Biden has received from the financial industry since he became the Democratic nominee for president.

"First and foremost, I think it represents a sense of normality and decency," said Derrough, describing his success in raising money for executives on Wall Street. "When you think about the financial world in general. You don't want surprises. You want predictability. We've had a lot of unpredictability over the past four years."

Biden's campaign paid over $ 13 million by securities and investment workers, according to the non-partisan Center for Responsive Politics. At least $ 74 million from people at Wall Street firms went into various efforts to support his candidacy, including pro-biden super PACs.

In the final two weeks of the election, Biden, DNC, and their joint fundraising committees had $ 330 million. That's $ 110 million more than Trump, the Republican National Committee and their joint committees. Biden's campaign is on track to raise $ 1 billion by election day.

Next to Wall Street, Biden's campaign raised donations from Silicon Valley executives including LinkedIn co-founder Reid Hoffman and venture capitalist Ron Conway.

Political leaders like former South Bend, Indiana, Mayor Pete Buttigieg, Michigan Governor Gretchen Whitmer, and Senator Amy Klobuchar are also on the list.

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