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Hello and welcome to the countdown to the U. S. election. It’s wonderful to be back with you. Today we will tell you about:
Donald Trump’s mad dash for money
Stephen Bannon on Trump’s Cabinet Considerations
Why Money Matters in American Politics
Donald Trump’s presidential crusade is unlike any other: While cash arrives to return him to the White House, some of it is diverted to save him from jail.
With his hefty legal bills, Trump has to thread the donor’s needle very conscientiously [Read for free]. He wants to keep appealing to his Maga base, but he also wants to court the more classic Republican mega-donors, especially those on Wall Street.
These two camps have very different concepts about what the timing of Trump’s administration will look like, and the money network is not likely to fund Trump’s legal battles, not to mention his proposed 10% price lists on imports.
The big question is whether he will be able to rally the donors who have subsidized his main rivals. Billionaires Ken Griffin, Stanley Druckenmiller, Paul Singer, and Warren Stephens invested a total of $13 million in Nikki Haley, while Jeff Yass spent about $5 million in Vivek. Ramaswamy and Stephen Schwarzman donated $2 million to a pro-Chris Christie group.
With their respective horses out of the race, most of those donors are wondering what to do with their wallets. Will they turn to Trump, Joe Biden, or a third party, or will they stay on the sidelines?Trump is already betting on the budget of casino. la wealthy person Miriam Adelson, the widow of Sheldon Adelson, and Oklahoma oil tycoon Harold Hamm.
The former president has attracted new billionaires, Tim Mellon of the Mellon family of bankers, Texas oil titans Kelcy Warren and Tim Dunn, Phil Ruffin, owner of the Treasure Island Hotel
Trump also leans on hedge fund investor John Paulson. But Paulson needs Trump’s second term to reflect old-school Republican principles, such as reducing the industry’s deficit, making the U. S. more competitive and supporting the energy sector. It is necessarily Maga who attracts the public.
Donald Trump has posted $175 million bail to postpone his nearly $500 million fraud trial, ending a standoff that could have resulted in the seizure of parts of his real estate empire.
Shares of Trump’s newly indexed social media organization fell more than 21 after revealing mounting losses. [Read for free]
The Florida court will allow a referendum to codify abortion rights into the state constitution, which could increase Democratic turnout.
Companies are rushing to factor bonds based on market volatility in the later stages of the election.
Former Democratic presidents Barack Obama and Bill Clinton have defended Joe Biden’s stance on Israel’s war in Gaza.
After a fundraiser in New York last week, Biden held a one-day retreat for 175 of his top supporters. (NYT)
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When the Financial Times’ James Politi recently interviewed Stephen Bannon, Donald Trump’s former political strategist continually discussed how close the former president is to Scott Bessent, founder of Key Square Group and former executive at Soros Fund Management.
Bessent said a Trump victory would be for the markets. He is also considered a possible choice for Treasury secretary or to succeed Federal Reserve Chair Jay Powell in 2026.
Bannon said the closet hypothesis was ill-timed since Trump had “a pretty full plate right now” and was “superstitious” about the election. However, Bannon added that he “knows a lot of people” about it.
Being competitive in American politics is more expensive than ever. Spending on federal elections totaled $14. 4 billion in 2020, adding $5. 7 billion for the presidential race, according to the nonprofit OpenSecrets. That’s more than double the expense of the 2016 race, and the 2024 race may simply burden even more.
As those numbers rise, a subscriber to the U. S. election countdown recently asked why our elections are among the highest in the world.
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The answer is simple: cash issues in politics: the candidate who raises the most cash in a presidential or congressional race wins.
By the end of February, Biden’s campaign and the Democratic National Committee held more than twice as many coins as Trump and the Republican National Committee. Democrats have tapped their war funds to open offices in swing states, while their associated teams are making a coin investment in ad buying. Meanwhile, the RNC laid off staff as Trump’s crusade took over.
But Harold Hamm, a shale tycoon and Trump supporter, believes Biden’s monetary merit would arguably not help. “We’ve noticed that all the cash in the world rarely benefits some applicants,” Hamm told the Financial Times’ Jamie Smyth. People don’t do it on it. “
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A momentary Trump presidency could simply put unprecedented pressure on the Western alliance, potentially giving Russian President Vladimir Putin an opportunity to achieve the Kremlin’s geopolitical goals, argues Gideon Rachman.
The crypto industry’s regulatory lobbying ahead of the election is notable, notes Gillian Tett.
The editorial board of the Financial Times tells us how faith is intertwined with politics.
Trump’s paper-based providence with Truth Social’s IPO is the result of decades of determination to sell his brand, writes John Gapper.
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