America’s biggest financial institutions are backing Democratic nominee Joe Biden, banking on a “blue wave” to boost the economy, a message that Biden’s running mate, Sen. Kamala Harris, touted during Wednesday night’s debate.
“Joe Biden’s economic plan, Moody’s — which is a reputable Wall Street firm — has said will create 7 million more jobs than Donald Trump’s,” Harris said as she faced off against incumbent Mike Pence.
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Despite Biden’s promises to raise taxes on corporations and the wealthy and regulate banks more tightly, he has raked in five times as much as Trump in donations from the securities and investment industry, with an eye-popping sum of $51.1 million. The incumbent has garnered just $10.5 million, according to OpenSecrets.
Employees from Goldman Sachs have contributed $156,584 to Biden’s campaign, JPMorgan Chase has raised $379,057, and $257,821 has come from Morgan Stanley.
The same leaders in the banking sphere have contributed significantly less to Trump and outside groups supporting the Republican, to the tune of $11,943 from Goldman Sachs, $86,083 from JPMorgan Chase, and $96,010 from Morgan Stanley.
Additionally, backers from Wells Fargo have poured $267,000 into efforts to clinch a Democratic win while giving just $194,000 to Trump.
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From Bank of America, Biden has raised $275,200, compared with Trump’s $164,911.
Earlier in the campaign, more progressive candidates such as Sen. Bernie Sanders, I-Vt., blasted corporate donations.
During his failed run for the White House, Sanders said he didn’t want to be beholden to banks or mega-donors.