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Vanity Fair editor: Wall Street would choose Clinton over Trump
A new article in Vanity Fair describes a recent gathering of influential Wall Street bankers about the election. Contributing editor William D. Cohan writes the meeting’s focus was on the growing possibility that Donald Trump could be the Republican nominee. He notes the group is late to the realization. CBS News contributor Frank Luntz was a guest speaker at the event. Cohan joins “CBS This Morning” to explain why the GOP front-runner does not have Wall Street's support.
originally posted by: intrptr
a reply to: ReadLeader
Can we get a transcript of the speech she made for Goldman Sachs? They paid her well for that one and its private. As private as their decision to place her in the whitehouse.
In this election cycle, Wall Street finds itself with a paucity of options. As much as the industry seems to abhor Trump, it dislikes Ted Cruz and his brand of holier-than-thou zealotry even more. As for John Kasich, who worked at Lehman Brothers for seven years until it filed for bankruptcy, in September 2008, the calculus is simpler: he’s just a bad bet. Nor do many on Wall Street have much fealty to Hillary Clinton. Despite accepting $675,000 from Goldman Sachs in exchange for answering some questions in 2013, candidate Clinton has responded to the surge of populism in her party by lambasting Wall Street at every turn.
Wall Street can vacillate between supporting Democrats and Republicans, but in the end it always likes to back a winner. And given the impending reality of its current political Sophie’s choice, it is now throwing its considerable support behind Clinton. Perhaps surprisingly, that makes a lot of sense. Not only is the alternative so heinous, but in my experience, most Wall Streeters are, at the rank-and-file level, actually Democrats. “Seems like we are headed for a Secretary Clinton versus Donald Trump showdown,” says Robert Wolf, the C.E.O. of 32 Advisors and a longtime confidant of Barack Obama, “but it feels like the secretary’s path seems more certain to me.” While Wolf is “not certain” how Wall Street feels about Trump, he feels confident that business leaders will end up throwing their “full support” behind Hillary Clinton. “Most will align with her policies on immigration, education, infrastructure, climate change, and the future of the Supreme Court,” he says. “I am not sure the business community has yet to figure out how to view Trump as the G.O.P. nominee since he hasn’t really shown any granularity to his policy vision and it has been more rhetoric.”
Donald Trump has lined up three New York hedge funds, including money from billionaire George Soros, to invest $160 million in his Chicago skyscraper, a key piece in perhaps the largest construction financing in the city's history, according to real estate sources and public documents. Despite reports about the project's record-breaking sales, most of them from Trump himself, many Chicago real estate developers and lenders have expressed doubts about whether the 90-story tower would ever be built.
Developer Leslie Dick Worldwide Ltd., New York, filed a RICO complaint against 17 parties, including Donald Trump, financier George Soros, Fortress Investment Group and Cerberus Capital Management, over the 2003 sale of the General Motors Corp. Building in midtown Manhattan.
The suit, filed last month in the U.S. District Court in Manhattan, revolves around the 2003 sale of the GM Building by Conseco Inc. and Mr. Trump to Macklowe Properties Inc. Macklowe sold the building in May 2008 to a group led by developer Mortimer Zuckerman, Goldman Sachs Group (GS) Inc., and the governments of Qatar and Kuwait for $2.9 billion — the highest price ever paid for a U.S. office building. “Through unlawful means, including but not limited to money laundering, bankruptcy fraud and bid rigging, (some of the defendants) acquired Conseco’s prime assets, including Conseco Finance and the General Motors Building in New York City, and thereafter attempted to conceal their illicit activities,” according to a statement from the David H. Relkin law firm, which represents Leslie Dick Worldwide.
Oliver Stone holding court with billionaires Donald Trump, George Soros and Steve Schwarzman at a private party hosted by Nouriel Roubini