Boots & Sabers

The blogging will continue until morale improves...


Everything but tech support.

1427, 28 Oct 20

Biden is Wall Street’s Big Guy


People in the securities and investment industry will finish the 2020 election cycle contributing over $74 million to back Joe Biden’s candidacy for president, a much larger sum than what President Donald Trump raised from Wall Street, according to new data from the nonpartisan Center for Responsive Politics.

The sum includes contributions that began in 2019 and continued through the first two weeks of October to Biden’s joint fundraising committees and outside super PACs backing his run. Former Goldman Sachs President Harvey Schwartz gave $100,000 this month to the Biden Action Fund, a joint fundraising committee for the campaign, the Democratic National Committee and state parties.

Biden also received a ton of financial support from leaders on Wall Street in the third quarter. Going into the final two weeks of the election, Biden, the DNC and their joint fundraising committees had over $330 million on hand. That’s $110 million more than for Trump, the Republican National Committee and their joint committees. Biden’s campaign is on track to raise $1 billion in the six days until Election Day.

He certainly has shown to be willing to sell American policy to the highest bidder.


1427, 28 October 2020


  1. Mar

    Wait a minute. I thought the Democrats hated all the big money in politics.
    I guess not.

  2. Merlin

    China’s big guy. Ukraine’s big guy. Russia’s big guy. A real pay-to-play big guy.

  3. Kevin Scheunemann

    Capitalists funding the communist.

    Stupid pills are being passed all the way around on Wall street.

  4. steveegg

    Have to keep Al Czervik out of Bushwood, after all.

  5. Le Roi du Nord

    Maybe the capitalists see that the last almost 4 years of chaos are unsustainable.  They are looking for some sense of stability, no doubt because they are better capitalists than 45, the chronic defendant in bankruptcy court.

  6. MjM

    Joe “I never made more than $400,000” Biden….

    [T]he former vice president and his wife Jill funneled most of his book and speech income through two S corporations. The corporations gave the Bidens more than $13 million in total profits, while distributing less than $800,000 to them as salary.

    While the Bidens paid federal income taxes on all their income, they did not have to pay self-employment taxes on these millions of dollars in profits. The Bidens saved as much as $500,000 in self-employment taxes by taking most of their compensation as profits from the corporation, as opposed to salary.

    The Journal cited multiple tax experts who called the Bidens’ move “pretty aggressive,” and a “pretty cut and dried” abuse of the system. Given that most of their income came from writing and speaking engagements, one expert called that income “all attributable to [their] efforts” as individuals and thus wage income, rather than a broader effort by any corporation resulting in profits.

    Most important to Biden’s political future is what that foregone self-employment tax revenue would have funded. Section 9015 of Obamacare increased the tax’s rate from 2.9 percent to 3.8 percent for all income above $200,000 for an individual, and $250,000 for a family. By taking comparatively small salaries from their S corporations and receiving most of their income as profits from those corporations, the Bidens avoided paying a tax that funds an Obamacare law Joe Biden claims he wants to defend.     – WSJ  July 31, 2019

    But Trump!

  7. TXAGG1

    Yeah, Le Roi du Nord, the last four years have been terrible for this economy! Where’s the damn sarc button when you need it? Without the Wuhan Flu, the US economy was roaring and will be roaring again next year under President Trump. If Biden wins, we are screwed as an economy and probably as a country.

  8. Le Roi du Nord

    That’s not what I said, TX. Try again. Your guy fumbled the virus, and added his personal form of chaos and lack of responsibility to the mix. Markets don’t like instability.

  9. Mar

    As usual, the sociopath has it wrong.
    The capitalists don’t care about stability, they care about making money.
    Many of them make money from China and China will own Senile Joe, if he wins.
    Then the capitalists can make more money.

  10. Tuerqas

    So just to be clear Le Roi, you are saying we should give credit to Biden for the HU-U-U-U-GE 3rd quarter come back of the market and America.  Not that I didn’t just say this would happen to penguin in another post but…

    It is good to be right!

    I just commented where penguin cited that CNBC did actually comment on the 3rd quarter comeback.  But how it is reported is just as important.  And this is likely how they characterized it, giving ‘a likely Biden win’ credit for the 3 month record breaking growth.  When wishful thinking is the accepted basis of ‘facts’ you can pretty much argue well for anything can’t you?

  11. Le Roi du Nord

    No T, the folks that wrote the article are. I’m just pointing out the error in mar’s claims.

  12. Tuerqas

    No T, the folks that wrote the article are. I’m just pointing out the error in mar’s claims.

    And I am agreeing with Mar that you are wrong, here.  CNBC stating that the economy grew in the third quarter, but attributing it to Biden, or charging Trump with killing Americans (Covid victims) to make his economic numbers look better is not really reporting on how the economy had an historic turnaround of growth in 2020.  If it was under Obama, there would have been one and only one reason for the turnaround at CNBC.  News should not be so partisan, but it is, credit should be offered under the same conditions giving credit or blame to the same offices if Government is cited, but it isn’t.

    It is just so stupid.  How could anyone here expect to have a decent conversation much less to win an argument with someone of opposing political views when you will never even agree on the story or ‘facts’ provided?  If you refuse to look past the biases of your own news source all you are doing is parroting what someone else has prepared for you.

    I stand by my last statement:  When wishful thinking is the accepted basis of ‘facts’ you can pretty much argue well for anything can’t you?  I could change out ‘wishful thinking’ with ‘someone else’s narrative’ if it makes you feel better.

  13. dad29

    Your guy fumbled the virus

    OK, I’ll try again with you.

    Exactly WHAT would you have done to make the boo-boo all better?  Naturally, I expect you’ll respect the limits given in the Constitution.

    Go ahead.  We’ll wait.

Pin It on Pinterest