US Elections 2016

Trump to hold fund-raiser hosted by who's who in finance

A supporter dresses the part, with her bag and outfit covered with images of Mr Trump, at a rally this week.
A supporter dresses the part, with her bag and outfit covered with images of Mr Trump, at a rally this week.PHOTO: AGENCE FRANCE-PRESSE

Sign of growing support in financial industry for Republican candidate

NEW YORK • Mr Donald Trump is holding a fund-raiser in New York City next week to be hosted by a who's who of the financial world, including Mr John Paulson, whose hedge fund made billions betting on the collapse of the housing market.

Joining him are Mr Stephen A. Feinberg, the secretive financier and founder of Cerberus Capital Management, and Mr Peter Kalikow, the politically connected real estate magnate. Neither man had publicly announced his support for the Republican presidential candidate and presumptive party nominee until now.

The joint Republican National Committee and Trump fund-raiser will take place on Tuesday at an undisclosed location in the city, according to an invitation seen by The New York Times.

Tickets are going for US$50,000 (S$67,500) a person, though the hosts are paying US$250,000 a couple. Additional details, the invitation said, will be disclosed when a reservation for a seat is made.

It is a sign that a small, but growing, crowd in the financial world is warming up to the idea of backing Mr Trump. The financial industry represents a crucial group for the presidential candidate as he prepares to face off with Mrs Hillary Clinton, his well-financed political rival, before the general election in November. Mrs Clinton's donor network includes former hedge fund star George Soros.

With enormous coffers, hedge fund and private equity founders have become some of the biggest political donors in this election.

Some of these executives have already pumped tens of millions of dollars into "super PACs" (political action committees) supporting candidates, often with the hope of helping to shape the views of the political candidates they back.

For some executives on Wall Street, though, supporting Mr Trump has been tricky. Until recently, he has spoken out against the hedge fund industry and the generous compensation packages hedge fund managers give themselves, saying that they "get away with murder".

NEW YORK TIMES

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A version of this article appeared in the print edition of The Straits Times on June 18, 2016, with the headline 'Trump to hold fund-raiser hosted by who's who in finance'. Print Edition | Subscribe