Biden has also received far more campaign cash from employees of J.P.Morgan Chase, Bank of America, Morgan Stanley, and Goldman Sachs than his Republican rival, according to the Center for Responsive Politics. For example, Biden has taken more than 6 times as much money from J.P. Morgan Chase employees than Trump.
Bank of America Pledges $1 Billion to Address Racial, Economic Inequality
June 2 (UPI) — Bank of America said Tuesday it’s giving $1 billion to address economic and racial inequality in the United States, amid national protests that have shaken just about every major U.S. city.
CEO Brian Moynihan said the initiative is a four-year effort and will focus on minority communities that have experienced great impact from the coronavirus pandemic and unrest over the police killing of George Floyd in Minnesota.
“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” Moynihan said in a statement.
“The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”
Black Americans account for 13 percent of the U.S. population but represent nearly a quarter of all U.S. COVID-19 deaths where race is known, according to the COVID Tracking Project. They have also been disproportionately affected by the economic fallout.
Bank of America said its initiative will address minority healthcare, jobs and training, support for small businesses and housing and will be coordinated by the institution’s 90 market presidents.
Some of the funding will address coronavirus testing and telemedicine, partnerships with historically black colleges and universities, support for minority-owned small businesses and partnerships for job training.
Joe
Biden’s Campaign Is Awash in Wall Street Cash
2 Jun 202080
4:01
Joe
Biden has adopted the anti-Wall Street rhetoric of some of his former rivals
for the Democrat nomination, but that has not stopped him from collecting an
enormous war chest of campaign cash from the financial sector.
Biden on Tuesday said that America
“wasn’t built by Wall Street bankers and CEOs, it was built by the great
American middle class.”
· 6h
Biden: “The
president held up the Bible at St. John’s church yesterday. I just wish he
opened it once in a while.”
Biden: “If it
weren’t clear before, it’s clear now: This country wasn’t built by Wall Street
bankers and CEOs, it was built by the great American middle class.”
Securities industry employees, a
close proxy for Wall Street, have donated $29,703,244 to Biden’s campaign
or to political committees supporting his campaign for the
presidency, according to the nonpartisan Center for Responsive Politics.
The sector is the second-largest source of campaign contributions to Biden’s
campaign, coming only after Democrat Party and left-wing organizations.
Donald Trump, by contrast, has only
received around $6,320,861.
Biden
has also received far more campaign cash from employees of J.P.Morgan Chase, Bank of
America, Morgan
Stanley, and Goldman Sachs than his Republican rival,
according to the Center for Responsive Politics. For example, Biden has taken
more than 6 times as much money from J.P. Morgan Chase employees than Trump.
Employees at those four firms have
donated a total of $508,259 to Biden’s campaign, according to data from the
Center for Responsive Politics. Morgan Stanley was the biggest contributor to
Biden of the group, with donations totaling $171,274.
Trump has received just $27,981
dollars from Morgan Stanley employees. J.P. Morgan employees have contributed
$23,942. Bank of America employees given $40,448. Goldman’s contributions add
up to a grand total of $4,211, according to data from the Center for Responsive
Politics. A total of $96,582, less than one-fifth of Biden’s take.
Political contributions from
Citigroup were unavailable at the time of publication.
The campaign cash from the big Wall
Street banks have poured into Democrat coffers in the 2020 election cycle.
Slightly more than 58 percent of Goldman’s contributions to Congressional
candidates have gone to Democrats. More than 62 percent of Morgan Stanley’s
contributions went to Democrats. Bank of America was nearly even, with 49.9
percent going to Republicans and 49.6 percent going to Republicans. J.P. Morgan
favored Democrats by nearly 60 percent to 30 percent, with 10 percent going to independent
candidates.
This is not a function of just
giving to the majority party. Goldman’s contributions favor Democrats in the
House and Republicans in the Senate, while Morgan Stanley’s and J.P. Morgan’s
favor Democrats in both. Bank of America contributors favor Republican
candidates for the House and Democrats in the Senate.
When measured by contributions to
all federal candidates, all four skew Democrat. J.P. Morgan’s contributions are
the most tilted, with 73.4 percent going to Democrat candidates, and Bank of
America’s the least, with 58.5 percent going to Democrats. Morgan Stanley tilts
67.9 percent Democrat. Goldman lean is 61.28 Democrat.
This is a further shift leftward by
Wall Street from the last election cycle, when between 50 percent and 52 percent
of the contributions through mid-year 2017 from J.P. Morgan, Morgan Stanley,
and Bank of America went to Republicans. Those banks sent between 37 percent
and 45 percent of the contributions to Democrats.
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