Joe Biden's joint fundraising committees benefited in the third quarter from the large cash contributions from financial leaders on Wall Street and across the country.
Biden's donation has grown as the elections approached and his electoral lead over President Donald Trump remained constant. The Democratic candidate raised $ 383 million in September, of which $ 203 million came from small donors. Biden's campaign was more than $ 400 million in October. Democrats have largely shut down Republicans in fundraising for the past three months, reflecting the struggles they had in the polls.
The joint committees that raise money for the Biden campaign, the Democratic National Committee and the States parties, are at least partially fueled by Wall Street executives. These committees accept six-figure contributions.
That surge in donations from people in the finance and investment industries comes as Biden calls for a tax hike for anyone over $ 400,000 and a rise in the corporate tax rate. It also comes when Biden faces pressure from progressive activists not to allow Wall Street leaders to join his cabinet if he should defeat Trump.
Tim Geithner, former Treasury Secretary under President Barack Obama and current President of private equity firm Warburg Pincus, donated $ 150,000 to the Biden Action Fund in August. Antonio Gracias, founder of Valor Equity Partners, and Jonathan Shulkin, partner in the same firm, each paid more than $ 300,000 to the committee in the same month.
John Doerr, chairman of the Kleiner Perkins venture capital company, gave over $ 355,000 to the Biden Action Fund last quarter. Stephen Mandel, founder of Connecticut-based hedge fund Lone Pine Capital, contributed more than $ 310,000. Pete Muller, founder of investment manager PDT Partners, gave the committee $ 360,000. Jonathan Soros, an investor and son of billionaire George Soros, gave just under $ 145,000.
Biden Action has received major contributions from executives at Blackstone, JP Morgan Chase, The Carlyle Group, and Kohlberg Kravis & Roberts, among others. The Biden Action Fund raised more than $ 4 million from the financial industry in the third quarter of 2020. Overall, the fund raised over $ 30 million in the most recent quarter.
According to the non-partisan Center for Responsive Politics, people in the financial industry broadly favored Biden, spending more than $ 50 million on his candidacy, compared to more than $ 10 million on Trump.
Several finance managers privately say they are tired of grappling with the impact Trump's tweets have on their investments. You are starting to believe in a Democratic sweep on Election Day.
Wall Street donors' lack of enthusiasm for Trump also comes about after the industry has benefited from corporate and individual tax cuts passed during his tenure.
Trump Victory, a joint fundraising committee between the campaign and the Republican National Committee, saw very little of Wall Street executives in the third quarter.
Big contributions came from several Trump allies, including $ 765,000 from Geoff Palmer, owner of Los Angeles-based real estate company G.H. Palmer Associates. David Fischer, the President's Ambassador to Morocco, donated $ 250,000. Joe Ricketts, founder of TD Ameritrade, gave $ 315,000.
However, some former Trump allies and supporters – including the billionaire and longtime friend of the president, Ronald Lauder, Silicon Valley chief executive and investor Peter Thiel, and conservative financier Robert Mercer – were absent. All three have significantly scaled back their support for the president and many other leading Republicans.
Trump Victory raised nearly $ 120 million in the third quarter. The President's other joint fundraising group, Trump Make America Great Again Committee, raised $ 235 million.
Biden's other joint fundraising committee known as the Biden Victory Fund raised nearly $ 420 million over the same period.