Bloomberg said that a number of Wall Street billionaires are steadily rallying behind former US President Donald Trump, undeterred by his recent conviction for a felony in a historic trial.
Yesterday, Thursday, Trump was convicted of 34 criminal charges in a case related to paying money in violation of the law, which represents the first criminal conviction of a former American president, according to Bloomberg.
Despite the serious legal repercussions Trump faces, his financial backers remain committed, and see his policies as beneficial to their future financial interests.
This loyalty is evidenced – according to the agency – by the great support it continues to receive from key figures within the American financial elite.
Constant support amidst controversy
The Wall Street giants’ commitment to Trump was on prominent display at a luxury fundraiser at the Pierre Hotel on Manhattan’s Fifth Avenue in New York, held 16 days before the ruling.
The event, attended by influential financiers and hosted by billionaire Howard Lutnick, highlighted the prevailing sentiment among attendees: Trump is their preferred candidate for president regardless of the outcome of the trial, Bloomberg described.
Umid Malik, head of 1789 Capital and co-host of the event, dismissed the ruling’s impact on his support for Trump, echoing sentiments among the former US president’s financial backers.
Bloomberg quoted Omid Malik as describing the trial as “weaponizing the legal system,” which reflects a widespread perception among Trump supporters that the legal proceedings are politically motivated.
Financial motives and political repercussions
The agency notes that the primary motivation for this permanent support is financial. Trump’s promises to cut taxes on the wealthy and deregulate are particularly appealing to this group.
This sentiment contrasts sharply with the policies of President Joe Biden, who calls for higher taxes on the wealthy and tighter regulations.
Just hours before the guilty verdict, prominent figures such as Stephen Schwarzman of Blackstone confirmed their support for Trump.
Schwarzman, whose fortune is estimated at $41 billion, distanced himself from Trump in the wake of the Capitol riot, but has since realigned himself with the former president, according to Bloomberg.
Economic interests may outweigh legal and ethical considerations for some of America’s most influential financial leaders
Mixed reactions
The Wall Street community’s reaction to Trump’s conviction has been mixed, with some like billionaire Barry Sternlicht choosing to remain neutral for the time being.
Meanwhile, others expect that Trump’s legal troubles could paradoxically enhance his appeal and his perception as a “commander” of a politically biased judicial system, according to the agency.
As the presidential race heats up, Trump’s financial agenda continues to attract a significant amount of support from Wall Street, suggesting that economic interests may outweigh legal and ethical considerations for some of America’s most influential financial leaders.
