But many of them have since left the White House, including Cohn and Goldman veteran Dina Powell. Both are longtime political donors, but neither appears in the Federal Election Commission’s database of contributors to Trump’s campaigns. Powell, who has since returned to Goldman, is known to maintain relations with the Trump family and may provide support.
“People thought in 2016 that he would be more pragmatic and less irrational -- that’s what Wall Street likes -- but unfortunately he’s done the opposite,” said Anthony Scaramucci, the hedge fund impresario who helped raise money for Trump’s ascent in 2016, later served as the president’s communications chief for 11 days and now urges others to vote the president out. “Given his behavior, tweeting, highly charged racism and handling of coronavirus, I don’t think people want to be associated with him.”
Absent Billionaires
An RNC spokesperson said Trump is having no trouble setting fundraising records.
“President Trump enjoys support from a vast number of industries, but most importantly, from real voters across the country,” said Mandi Merritt, the spokesperson. “Since President Trump was elected, we’ve seen 2 million new donors invest in the party both small and large, which shows the clear enthusiasm for this president and our party.”
Schwarzman has essentially replaced onetime megadonor Robert Mercer of Renaissance Technologies in the 2020 cycle, after he slashed contributions as part of a broad retreat from political giving. But he’s not the only Wall Street billionaire holding back this time.
Paul Singer, who initially helped finance the anti-Trump movement, later went on to donate hundreds of thousands of dollars to the GOP after Trump won the election. Singer and Mercer also each gave $1 million to Trump’s inauguration, joining KKR & Co.’s Henry Kravis. But disclosures show no donations from Singer and Kravis to Trump in recent years, while Mercer’s are a fraction of what he once gave.
Ken Griffin, who gave to the RNC and a pro-Trump super PAC focusing on electing Republicans in the 2018 midterms, hasn’t given when Trump has been on the ballot. Not that Griffin’s cash hasn’t come up. At a White House event in January, Trump called out to the crowd for Griffin, who wasn’t present: “Ken Griffin, Citadel. What a guy he is. Where are you, Ken? Where the hell is he? He’s trying to hide some of his money.”
Since Trump took office, many top Wall Street donors have focused on congressional candidates, betting that if Biden wins, Republican lawmakers can keep him in check, said Trump fundraiser Dan Eberhart, the CEO of oilfield services company Canary.
The campaign finance records offer a snapshot of Wall Street’s support for Trump through mid-2020. But there are limits: Not all disclosures identify employers or spouses. There are smaller PACs and ways that donors can support candidates on both sides out of public view. Bloomberg’s focus on 31 major firms leaves out smaller money managers and parts of the financial world off Wall Street, such as real estate and insurance.
The tally for 2016 excludes giving to the RNC before Trump became his party’s presumptive nominee in May of that year, as well as contributions to certain political committees before they shifted to support his candidacy. This time, the incumbent and his allies have had additional time to raise money without competition. They could still draw more from Wall Street in the months ahead.