Wall Street has come around on Biden. Does this undercut the idea that bankers only care about money?

This appeared in The Millennial Source

According to a recent report from The New York Times, Wall Street donors are funneling money into Joe Biden’s campaign despite the record gains many investors have seen during the Trump era.

In May and June, the Biden Action Fund, a campaign fundraising arm, raked in some US$11.5 million, with a significant portion of that coming from Wall Street donors.

Included in that number is one donation worth US$717,000 from the co-chair of Bain capital and his wife.

Overall, Trump is trailing Biden in donations from the finance, insurance and real estate sectors by US$20 million. Out of the US$33.5 million the Trump campaign has raised from those sectors, just US$7.8 million came from securities and investments.

Given the support for Biden among Wall Street donors, some insiders claim that there is significant concern over the direction of the country under President Donald Trump despite the apparent health of the market.

“I’ve seen meaningful numbers of people put aside what would appear to be their short-term economic interest because they value being citizens in a democracy,” noted Seth Klarman, the founder of a…