Bank executives descend on Philly to celebrate Clinton

Wall Street, New York. — (Image credit: Spencer Platt/Getty Images)

Executives from the likes of Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan Chase, and private equity firm Blackstone are descending on Philadelphia in droves to celebrate the nomination of Hillary Clinton and her running mate, Virginia Sen. Tim Kaine. While Donald Trump alienated the financial industry with his talk of Wall Street reform last week, many bankers are breathing a sigh of relief at the thought of Clinton-Kaine at 1600 Pennsylvania Ave.

"I think [Clinton] has shown perhaps ironically that she has a better understanding of business and Wall Street than Donald Trump does," investment banker Steve Rattner, who formerly worked as President Obama's "car czar," told Politico. "The GOP platform includes reinstating Glass-Steagall. And when you watched that [Trump acceptance] speech, Bernie Sanders could have given half of it. Putting partisanship aside, most of my Republican business friends are appalled at the thought of Donald Trump in the White House."

There is a celebratory mood surrounding Clinton's selection of Kaine, too — especially as Elizabeth Warren had been a possible alternative. Kaine, though, has proven to be sympathetic to regional bank relief, notably supporting Dodd-Frank. Trump has already targeted Clinton's running mate for just this, tweeting, " Tim Kaine is, and always has been, owned by the banks. Bernie supporters are outraged, was their last choice. Bernie fought for nothing!"

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Some say there is nothing for progressives to fear, though. "I don't think Clinton can or should go all Trump-like and build a wall to physically block Wall Street executives from the City of Brotherly Love. Instead, I think she ought to be loud and clear that she isn't going to do anything in particular to reciprocate any banker support," Jeff Hauser, the director of the Revolving Door Project, told Politico.

Read more about which executives are headed to Philly — and if there is reason for progressives to be concerned — at Politico.

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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.