Wall Street donors line up behind Biden in massive third-quarter fundraising haul

Posted 12 days ago

From WWW.CNBC.COM

Joe Biden's joint fundraising committees benefited from big money contributions from finance leaders on Wall Street and across the country during the third quarter.

Biden's fundraising strength has grown as the election draws closer and his polling lead over President Donald Trump remains consistent. The Democratic nominee raised $383 million in September, with $203 million coming from online small-dollar donors. Biden's campaign had more than $400 million going into October. Democrats have largely crushed Republicans in fundraising over the past three months, mirroring the struggles they have in the polls.

The joint committees, which raise money for the Biden campaign, the Democratic National Committee and state parties, are being fueled, at least in part, by Wall Street executives. Those committees accept six-figure contributions.

This surge of donations from people in the finance and investment industry comes even as Biden calls for raising taxes on those making over $400,000, as well as an increase in the corporate tax rate. It also comes as Biden faces pressure from progressive activists not to allow Wall Street leaders to join his Cabinet if he were to defeat Trump.

Tim Geithner, former Treasury secretary under President Barack Obama and current president of private equity firm Warburg Pincus, contributed $150,000 to the Biden Action Fund in August. Antonio Gracias, founder of Valor Equity Partners, and Jonathan Shulkin, a partner at the same firm, each shelled out more than $300,000 that same month to the committee.

John Doerr, chairman of venture capital firm Kleiner Perkins, 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 also saw large contributions from le... (Read more)