Over the past decade, Republican vice presidential candidate and Senator JD Vance of Ohio has quietly built a network of allies on Wall Street that’s distinct from the circles of his running mate and former President Donald Trump.
Well, Vance's Fans to assist him raise tens of millions of dollars for Trump and Vance's presidential campaign.
On Thursday, Vance will headline two fundraisers in New York City hosted by a few of his top financial industry backers, each of which goals to boost greater than $1 million for Donald Trump's presidential campaign.
First up is a breakfast with a minimum of $10,000 per plate, hosted by investor Scott Bessent, Morgan Stanley's Jonathan Burkan, Cantor Fitzgerald CEO Howard Lutnick and Norm Champ, a former director of the U.S. Securities and Exchange Commission's investment management division. Couples must donate $50,000 to participate.
Later within the day, investor Keith Rabois, Palantir adviser Jacob Helberg and Burkan will probably be among the many co-hosts of a Trump campaign dinner, in line with an invite. Tickets range from $25,000 per person to $250,000 per couple.
“JD Vance has demonstrated a strong commitment to policies that strengthen American workers and businesses,” Champ told CNBC. “His focus on economic recovery and creating opportunities for growth is consistent with values that many, including myself, support.”
Champ added: “Looking ahead, I plan to continue supporting leaders like Vance who put the needs of the American people first.”
Another well-known supporter of Vance is Sander Gerber, CEO of the investment firm Hudson Bay Capital.
The two men first met in New York throughout the 2022 midterm elections, when Vance was launching a successful Senate campaign in Ohio.
Gerber told CNBC he was impressed by the Ohio Republican's story and the way he overcame a difficult childhood, which is the topic of Vance's 2016 memoir, “Hillbilly Elegy,” and a 2020 Netflix biopic.
Gerber also said he can be open to the opportunity of hosting a campaign fundraiser later this fall, headlined by Vance.
“I'm a huge fan of JD and will do whatever I can to help him,” he added.
Relationships on Wall Street
One of Vance's first interactions with Wall Street got here shortly after the November 2016 presidential election, when he headlined a luncheon in New York to discuss his just-published memoir.
Among the participants were several high-ranking personalities from Goldman Sachssaid a former executive there. That person, like several others on this story, was granted anonymity to debate private matters.
The following yr, Vance visited the famous Allen & Company Economic Conference in Sun Valley, Idaho, where he met with leaders from a wide range of industries, including Wall Street. The contacts Vance made paid off when he decided to run for the Senate seat held by outgoing Ohio Republican Senator Rob Portman.
John Underwood, long-time managing director of Goldman Sachsencouraged his allies to support and lift money for Vance's Senate campaign, in line with people acquainted with the matter.
Underwood first met Vance after the publication of “Hillbilly Elegy,” in line with an individual acquainted with their relationship. Vance later attended a Goldman Sachs fireside chat in Washington, where a few of the bank's clients discussed his book.
Steve Case, co-founder of AOL and CEO of investment firm Revolution, also participated within the discussion, this person said. Vance worked at Revolution for a few yrAnd left in 2019. The fireside chat took place a while after Vance left the corporate, the person added, but the precise date was unclear.
When Vance launched a Senate campaign in 2022, he raised extra money from donors within the securities and stock exchange industry than from another skilled industry, greater than $650,000 in line with Open secretsVance won the race by six points.
Since Trump named Vance as his running mate in July, Underwood has been fielding inquiries from business leaders wanting to learn more in regards to the junior senator from Ohio who could turn out to be vice chairman, a few of those involved told CNBC.
Underwood spoke admiringly of Vance and portrayed him as a robust candidate for Trump's vice chairman, said an individual acquainted with the calls.
Other donors who helped Vance raise campaign funds for his Senate candidacy and Trump's political campaign include Omeed Malik, president of 1789 Capital, and Emil Henry, CEO of personal equity giant Tiger Infrastructure Partners, in line with people acquainted with the matter and data obtained by OpenSecrets.
Henry is a former deputy treasury secretary within the Bush administration and was one among the guests at a Trump campaign fundraiser on August 25, where Vance was the guest of honor.
Bessent and investor Ted Virtue were also on the event, which was held on the palatial home of New York Jets owner Woody Johnson, two attendees told CNBC. Top tickets cost $50,000, and even with a limited guest list, the event brought in over $1 million, one among the attendees said.
A second Hamptons fundraiser featuring Vance took place on August 25 at the house of Clifford Sobel, managing partner of Valor Capital Group.
A participant, the actual estate manager and billionaire Richard Kurtz said Vance spoke to about 100 people and told them the Trump campaign would wish “hundreds of millions of dollars” to maintain up with Vice President Kamala Harris' fundraising boom.
Vance meant what he said. Harris' political operation recently announced that it raised $361 million in August, greater than double the $130 million Trump's team raised last month.
The second fundraiser within the Hamptons was hosted by a bunch of economic executives that included Malik, veteran investor John Paulson and Reuben Jeffery III, the previous president of asset management firm Rockefeller & Co., in line with an invite. Tickets cost as much as $50,000.
Unlikely allies
Over the years, a small but loyal base of supporters for Vance has grown on Wall Street, despite his criticism of the financial industry, in line with interviews with greater than half a dozen people acquainted with the matter.
Ohio Republicans' resistance to Wall Street was on full display throughout the Republican National Convention in Milwaukee in July.
“Wall Street barons have crashed the economy and American construction companies have gone bankrupt,” Vance said in his nomination Acceptance speech. “Ladies and gentlemen, we are done pleasing Wall Street. We are going to take care of the workers.”
A spokesman for Vance didn’t reply to a request for comment.
In Washington, Vance is taken into account probably the most populist members of the Senate Banking Committee. He has also joined Democrats in supporting stricter accountability for bank CEOs, including a law granting Federal Regulatory Agencies the authority to reclaim the salaries of bank executives if their financial institutions go bankrupt.
Vance's past support of Federal Trade Commission (FTC) Chair Lina Khan's antitrust and stricter merger rules has not scared everyone on Wall Street away from him.
“I’m with JD and I like [Khan] “We are stopping our M&A activities,” said a long-time investor in smaller firms who asked to not be identified. “We are all about innovation, and I want my companies to be successful.”
Hudson Bay Capital's Gerber said he agreed with Vance that the banking sector needs more regulation.
“Some things are over-regulated. Some things are under-regulated. I think a transformation of the banking sector is now necessary,” Gerber said.
Kurtz said Vance's criticism of the banking industry didn’t trouble him. “There are problems in every industry, including Wall Street,” he said.
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