The Wall Street Journal just tried to use Democratic donors to speculate that Wall Street is breathing easier about the idea of a Joe Biden/Kamala Harris ticket.
The piece, headlined “As Kamala Harris Joins Biden Ticket, Wall Street Sighs in Relief,” was plastered as the headline item on The Journal’s August 13, print newspaper.
The piece exclaimed that when former Vice President Joe Biden announced Sen. Kamala Harris (D-CA) as his vice presidential pick, “he pointed to her tough-on-banks record. Much of Wall Street cheered anyway.” According to The Journal, “About half a dozen leaders in business and finance said they expect Ms. Harris to be a moderate voice committed to rebuilding an economy upended by the coronavirus pandemic.” The problem? Most of the executives The Journal cited in its piece are big-time Democratic donors.
The Journal even did a bit of editorializing on behalf of these Democrat executives, saying that they “expect [Harris] to take some swings at Wall Street ... but they said they won’t take it personally.” [Emphasis added.]
Only one GOP-donor executive, Keefe, Bruyette & Woods Managing Director Brian Gardner, was cited at the bottom of the piece as giving a semi-critical take on the Harris pick: “‘Not great for financial [companies] but not a game changer,’” noted The Journal.
The first executive cited was Wells Fargo Vice Chairman of Public Affairs and former Obama Chief of Staff William Daley, who told The Journal that “'I think [Harris] is a reasonable, rational person who has worked in the system.'” Daley continued: “‘Is she a progressive? Yes. Is she someone who wants to burn the building down? No. I think she wants to strengthen the building.’”
The Journal failed to mention that Daley donated the maximum-allowed Federal Election Commision amount ($2,800) to Biden’s campaign on two occasions late last year, revealing his clear political bias.
The second executive cited was Centerview Partners boutique investment bank co-founder Blair Effron, who called Harris “'direct but constructive.'” The Journal noted that Effron had donated to Harris’s presidential primary campaign, but failed to note that Effron had also donated tens of thousands exclusively to Democrats between 2019-2020, including Biden.
Effron had donated the maximum $2,800 to Biden’s campaign in May, 2019. And he gave $41,100 to the Biden Action Fund May 27,2020.
The Journal also cited Black Economic Alliance Co-Chair and business application software company Infor Chairman of the Board Charles Phillips, who it cited as a “a longtime Harris supporter.” Phillips said that Harris “'wants to figure out a way for the system to work for everyone and expand the pie.'” Phillips also donated tens of thousands exclusively to Democrats this cycle, which The Journal ignored.
The Journal even cited liberal-leaning law firm Paul, Weiss Chairman Brad Karp. Karp said that “'[w]hile Kamala is a forceful, passionate and eloquent standard-bearer for the aspirations of all Americans, regardless of their race, gender or age, she is not doctrinaire or rigid.'” The Journal noted that Karp “co-led a committee of lawyers across the country who supported Ms. Harris during the primary.”
However, The Journal failed to note that Karp had already personally donated the maximum $2,800 to Biden’s campaign in 2019 and $2,800 to the Biden Victory Fund in 2020.
Karp also personally donated $5,500 total to Harris’s campaign, along with thousands exclusively to other Democratic candidates, which The Journal also ignored mentioning.
Apparently, Wall Street sighing "in relief” over Biden’s Harris pick for The Journal mostly pertains to the left-wing ideologue C-suite donors already betting on Democrats seizing control of Washington in November.
Contact the story’s authors at emily.glazer@wsj.com and liz.hoffman@wsj.com and demand they provide full disclosure of the political contributions to Democrats by the executives they cited in their story.
