June 19, 2024
Billionaires on Wall Street are now rushing to support Donald Trump even once he has been found guilty in the first criminal proceeding of a former President of the United States.
This support change is mainly economic, given that Trump plans to reduce taxes for the rich and do away with regulatory restraints. On the other hand, President Joe Biden plans to raise taxes and provide a higher level of regulation than Trump.
It reflects the change in support of influential individuals like Schwarzman, who initially opposed Trump but is now a supporter.
After being the co-founder of Blackstone Inc., Schwarzman has a net worth of $41 billion and is on the list of the 40 wealthiest individuals globally. Other financial backers, such as the Pershing Square hedge fund manager Bill Ackman, are poised to support Trump.
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It means that the base of Trump supporters does not only include his long-time fans and enthusiasts. Other unfortunate passengers are also slowly opening their eyes to the idea of a Trump return to power because of its expected financial benefits.
This development underlines that the new landscape of American finance is characterized by the cold rationality that prevails over moral or ethical sensibility. It is not without controversy that the support has moved from being on the side of the state.
Opponents claimed that the actions are politically motivated and profit-seeking in a search for personal benefits rather than the endorsement of Trump’s policies and ideologies. However, for many financial moguls, the idea of profit is enough for them to look past Trump’s criminal records and vote for him in the next election.
