Tags: Donald Trump | GOP2016 | Money | Wall Street | GOP Convention | Trump

Wall Street Staying Away in Droves From GOP Convention

Image: Wall Street Staying Away in Droves From GOP Convention
 Paul Singer: Trump's anti-trade policies would lead to global depression. (AP)

By    |   Wednesday, 13 Jul 2016 11:41 AM

The corporate world usually flocks to a Republican National Convention, but Wall Street executives and bankers are staying away in droves from the GOP get-together next week in Cleveland, Politico reports.

The financial world sees no advantage to cozying up to the controversial and unpopular Donald Trump, who is also running on an anti-trade, populist platform that many in the corporate world consider very ill-advised.

Major GOP donor Paul Singer, who heads the $27 billion Elliott Management hedge fund group, told CNBC that if Trump "actually stuck to those [anti-trade] policies and gets elected president, it's close to a guarantee of a global depression, widespread global depression."

In addition, many of the usual high-profile senior Republican leaders that executives like to meet won't even be at the convention, in protest of Trump's nomination.

Many in the corporate world also said another problem is that if they did send a representative, it could offend women and minority groups who work in their company.

The result is that, according to Politico, no major Wall Street CEOs are planning to attend the convention. And other large corporations, such as Google and Coca-Cola, that both had a significant presence at the 2012 convention, are staying away this time.

This trend is also translating into major corporations declining to be sponsors and will also almost assuredly mean a sharp drop in fundraising from them. In the 2012 campaign, Mitt Romney raised more than $60 million from the financial industry, compared with some $20 million for President Barack Obama.

Some traditional Republicans from the corporate world are even openly saying they will support Democrat Hillary Clinton.

Former President George W. Bush's Treasury Secretary Hank Paulson, who is also a former CEO of Goldman Sachs, wrote in The Washington Post recently that "The GOP, in putting Trump at the top of the ticket, is endorsing a brand of populism rooted in ignorance, prejudice, fear and isolationism."


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The corporate world usually flocks to a Republican National Convention, but Wall Street executives and bankers are staying away in droves from the GOP get-together next week in Cleveland, Politico reports. The financial world sees no advantage to cozying up to the...
Wall Street, GOP Convention, Trump
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2016-41-13
Wednesday, 13 Jul 2016 11:41 AM
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