Tags: wall street | donald trump | hillary clinton | president

Author Turney Duff: Wall Street Abandons Trump, Turns to Hillary

Author Turney Duff: Wall Street Abandons Trump, Turns to Hillary

(AP Photo/Mary Altaffer, Chuck Burton)

By    |   Thursday, 04 August 2016 07:56 AM

Author and former high-powered hedge fund trader Turney Duff claims his informal survey shows that most Wall Street professional have abandoned backing Republican Donald Trump in this year’s presidential election and are now favoring Democratic rival Hillary Clinton.

“Back in May, I surveyed more than 50 financial professionals across the board. And the overwhelming majority said they were secretly planning on voting for Trump come Election Day. But that was two months ago and now the tides have turned,” Duff, a former trader at the hedge fund Galleon Group, wrote for CNBC.com.


“I checked back in with the financial folks a few days ago. And now Wall Street is leaning toward Hillary Clinton,” wrote Duff, who chronicled the spectacular rise and fall of his career on Wall Street in the book, "The Buy Side."
 

“I would say roughly 60 percent of the people I spoke to in my (highly unscientific) poll said if the election were held today, they'd vote for Clinton,” Duff wrote.


“For sure, Wall Streeters think both Trump and Clinton are dishonest in some ways. But it's not about honesty for them. It's about the risk factor. And Trump is a gigantic risk,” Duff wrote.

"I don't like her," Michael, a hedge-fund trader, told Duff. "But she's a known quantity and being a New York senator, she's industry friendly. And that's why I've changed my mind on voting for Trump."

"I was going to vote for Trump, but she's the safe pick," John, a program trader, told Duff. "With Trump there's too much uncertainty. It's not good for the markets."

To be sure, Wall Street itself wasn’t very welcomed at either of the political conventions, making one fact clear: Everyone loves to hate Wall Street.


“In an election as sharply divided as any, the theme of Wall Street perfidy has emerged as a rare point of agreement, with the major partisan conflict revolving around who’s better suited to rein it in. Some believe all this is the inevitable culmination of decades of middle-class wage stagnation,” Bloomberg reported.
 

Whatever the cause, leaders in both parties are convinced that punishing Wall Street is good politics. “If you’ve got a car with a flat tire and the fact that both liberals and conservatives think changing tires would be good, that may just be a sign of common sense,” says Trump enthusiast and former House Speaker Newt Gingrich.
 

(Newsmax wire services contributed to this report).

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Author and former high-powered hedge fund trader Turney Duff claims his informal survey shows that most Wall Street professional have abandoned backing Republican Donald Trump in this year's presidential election and are now favoring Democratic rival Hillary Clinton.
wall street, donald trump, hillary clinton, president
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2016-56-04
Thursday, 04 August 2016 07:56 AM
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