Why Donald Trump is 'the billionaires' candidate'

The moneyed classes are starting to make their peace with Donald Trump.

CNBC reported that Wall Street executives had hoped for a different nominee from the GOP, but the former president's seemingly unstoppable momentum means that many "have made a calculated decision not to speak out against him" — and might even support Trump in the general election against President Joe Biden. Why? It's a business decision. "They think of themselves as stewards of other people's money and they don't want to take a position that divides their workforce, their investors and their customers," said one expert.

Among Wall Street's not-so-never-Trumpers: JPMorgan CEO Jamie Dimon. He's not running for president himself — at least not this year — but Business Insider reported that Dimon is saying respectful things about Trump. "He's kind of right about NATO. Kind of right about immigration," Dimon said during an interview during the World Economic Forum at Davos. "He grew the economy quite well. Tax reform worked. He was right about some of China."

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"It's painful for me to admit this, but Wall Street is basically nonchalant to this election," Anthony Scaramucci, who very briefly served in the Trump administration, told The Hill. More than nonchalant, perhaps. "Trump is the billionaires' candidate," James Downie argued at MSNBC. Whatever the former president's faults, "he would deliver these millionaires and billionaires more massive tax cuts." That wealth might insulate the ultra-rich from the effects of a second Trump presidency. "The rest of us, though, won't be so lucky."

'Wall Street likes predictability'

"Dimon's selective memory seems to begin and end with Trump cutting taxes for him, his corporation, and his golfing buddies," Will Bunch added at The Philadelphia Inquirer. The blitheness of the billionaire class overlooks the Jan. 6 insurrection, among other Trump-era follies. But there's long been a "symbiotic relationship" between authoritarian movements and Big Business. "The nation's top capitalists seem too tunnel-focused on the next quarter's profits to know their history."

Actually, The New York Post editorialized, Dimon had it right: "Former President Donald Trump — or the GOP in general — was right about a lot." Voters had their reason for choosing Trump and still do. "The border crisis, the economy, and Biden's feeble leadership" offer compelling reasons to return to the former president. One thing that's clear: "Jamie Dimon has seen the light."

But a broader embrace from Dimon's colleagues may come grudgingly. After all, C-suite execs have "dreamed" of a Trump alternative, Politico reported: "Wall Street likes predictability." That's not exactly Trump's strong suit. "Markets are increasingly wary of how U.S. political disruptions can ripple across the global financial system." That's why some business leaders are still hoping for a surge from Nikki Haley, the only major Republican left in the contest. "The street still hopes for somebody else," said one top GOP donor. 

Gaming out the impact

Even on Wall Street, though, it ain't over until it's over. Haley is still in the race, for now. Assuming her candidacy survives the New Hampshire primary, The Hill reported, a quartet of "Wall Street billionaires" plan to host a New York fundraiser for the former South Carolina governor on Jan. 30. Tickets start at $3,300 apiece. 

Still, a number of CEOs think it's best to plan for a second Trump presidency. "Wall Street is already starting to game out the impact of Trump's possible return to the White House," Bloomberg reported. And some analysts are optimistic about what that could mean for the economy. "Traders are recognizing that Trump's impact on trade and geopolitics is for different reasons, at least initially, positive for the dollar," said one strategist. Markets initially plunged after Trump shockingly won the White House in 2016. That probably won't happen should he win again in 2024. Investors are prepared this time. Said one strategist: "We wouldn't expect the same volatility as we saw in 2016."