Hedge funds and Wall Street bet big on Biden. Will he deliver?

Published December 1, 2020 1:52pm ET



Remember when Joe Biden tried to sound like the populist in the race by claiming he was the candidate of Scranton, Pennsylvania, while President Trump was the candidate of Park Avenue? It was a nice phrase, and reporters loved it, but it was also malarkey, totally undermined by campaign finance data. Biden outraised Trump 8 to 1 from Park Avenue, and Trump raised more from Scranton than from Park Avenue.

Now,we have a nearly complete view of who funded whom in the 2020 election, and Biden’s populist posturing is destroyed by the actual facts. The most politically interested and politically active industries favored Biden with their donations and expect to reap the rewards of his victory.

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