U.S. Election

Money can’t buy Ken Griffin political happiness

29 Jun 2022

Citadel’s founder backed an Illinois candidate for governor with a $50 mln donation but lost. The winner, a farmer, also has deep-pocketed backers. He will go up against Hyatt heir J.B. Pritzker. As billionaires on both sides up political stakes, they will cancel each other out.

Financiers may pave U.S. campaign trail with gold

27 May 2022

With ex-Bridgewater boss David McCormick questing for a Senate seat, more Wall Streeters could try their hand at politics. Wealth built in bull-market times can give even novices a lift. And from Ken Griffin to Jamie Dimon, there’s no shortage of finance bosses with strong views.

Biden and business are midterm election pair trade

20 Dec 2021

The U.S. president handed corporate chiefs a good year – his moves to help the economy helped them too. If his power wanes after 2022’s Congressional elections, Biden will struggle to wield the stick meant to follow the carrot. A weaker White House means a stronger hand for CEOs.

Political spotlight on Carlyle after U.S. election

3 Nov 2021

The buyout firm that once employed George H.W. Bush worked for years to shed its reputation as a shrewd Beltway operator. Former co-CEO Glenn Youngkin’s win makes him Virginia’s next governor. That gives him presidential potential, and puts Carlyle back on the Washington map.

Viewsroom: Biden’s inauguration, China’s stresses

21 Jan 2021

The new U.S. president arrives with a long to-do list, good intentions and a swelling national debt pile. Gina Chon and Richard Beales talk with John Foley about what to expect. Plus: New lockdowns bring fresh financial problems in China, as Yawen Chen and Pete Sweeney explain.

Biden’s dream team faces a nightmare

20 Jan 2021

The pandemic has worsened structural economic problems: the poor have gotten poorer, marginalized people are losing jobs quicker, and the workforce is further out of reach for the unemployed. The new U.S. president has chosen experienced aides. But they will need imagination too.

Economic fixes can make 2024 election less fraught

20 Jan 2021

Joe Biden has many goals, but one ought to be making the next election smoother than the last. An inequitable job market keeps voters from polls while gerrymandering helps keep wealth in areas that already have it. Electoral and economic systems are linked; both need an overhaul.

Federal debt monster lurks for Biden, Yellen & Co

19 Jan 2021

The U.S. president-elect’s pick to lead the Treasury says going big with coronavirus relief is smart for now. But debt at 100% of GDP and counting will inevitably become a millstone. Big-ticket agenda items, from higher taxes to lower defense spending, can’t be avoided for long.

Biden’s $2 trln rescue tests his art of the deal

15 Jan 2021

The U.S. president-elect has an ambitious stimulus plan, including $1,400 payments for individuals. It includes liberal causes like boosting the minimum wage to $15 an hour. Biden has touted his skills negotiating across the aisle. With a 50-50 Senate, he will have to compromise.

Billionaire donors outrank companies in Washington

14 Jan 2021

Firms from JPMorgan to AT&T are rethinking political donations after last week's Capitol violence. That will dent lawmakers' coffers. But it’s people like the late Sheldon Adelson and Mike Bloomberg who have far deeper pockets, and the power to make politicians sit up and listen.

Biden’s SEC pick is ominous sign for Wall St

13 Jan 2021

Former banker-turned-industry critic Gary Gensler will be a thorn in the finance industry’s side if he takes the helm at the U.S. watchdog. He rammed through Dodd-Frank reforms when he was CFTC chair. In his new post, tougher enforcement is likely, which will cheer progressives.

Yellen can kick off Biden’s more open government

7 Jan 2021

The $7 mln the former Fed chief earned giving speeches to Wall Street and other firms could haunt Janet Yellen as Treasury secretary. For one, she’ll need progressives to back her policies. Transparency, like releasing transcripts of those talks, could help set the right tone.

America’s safe-haven status gets violent test

6 Jan 2021

An invasion of the seat of government by supporters of a president who defies democratic principles ought to worry those who treat dollar assets as a sanctuary. What matters for investors is whether the U.S. system prevails. Even if it does, they should not assume it always will.

Georgia vote may give companies half-full glass

6 Jan 2021

Democrats could eke out a Senate majority in a runoff race that’s too close to call. The slim margin would hand more power to moderates on issues like green energy and taxes, in turn helping offset greater scrutiny of firms. Either way, Corporate America can avoid the worst.

Currency manipulator label is Trump gift to Biden

16 Dec 2020

The U.S. Treasury says Switzerland and Vietnam are skewing their currencies’ value against the dollar. Technically, it’s right. The president-elect can ignore this mostly symbolic move when he takes power in a month. Then again, some modest trade friction may be useful at home.

Janet Yellen’s Treasury would be tough M&A arbiter

3 Dec 2020

The former Fed chair would oversee U.S. national security deal reviews if she becomes Treasury chief. She will likely rely on deputies with deep experience in cracking down in that area. Chinese-owned TikTok may be the first test and could show a more orderly but harder process.

Biden’s diverse cabinet is only a first step

1 Dec 2020

Janet Yellen may be the first woman to lead Treasury in a cabinet that better reflects America. The government has a sad record on that front. The next task is to tackle related challenges like women leaving the workforce, financial inclusion and income inequality.

Janet Yellen will bring back benign dollar neglect

30 Nov 2020

President-elect Joe Biden’s Treasury secretary pick is going to have less sway over the currency than she did as Fed boss. Yellen is likely to stick to bland mantras and focus on getting fiscal policy right. That will be a welcome change from the tack taken under Donald Trump.

The Exchange: Post-Covid, post-Trump mega-trends

24 Nov 2020

Supply chains may become more diverse or shorter, tech companies with few hard assets will continue to thrive, and the transition away from fossil fuels will present opportunities. Taimur Hyat, COO of $1.4 trln asset manager PGIM, looks to the future with Richard Beales.

Cox: Donald Trump is the new Benjamin Harrison

19 Nov 2020

The president’s refusal to concede electoral defeat raises the ghost of Grover Cleveland, who served two non-consecutive terms in the 19th Century. Trump’s punishing tariffs and profligate budgets make him more like Harrison, the mostly forgotten man that Cleveland bookended.