On August 20, 2024, US Republican vice presidential candidate Senator J.D. Vance spoke at an event held at the Kenosha Municipal Court in Kenosha, Wisconsin, the United States.
Marco Bello | Reuters
In the past ten years, republican party vice presidential candidate senator JD Vance Ohio has quietly built a network of allies wall streeta different circle than that of his running mate, former President Donald Trump.
Now, Vance’s fan Mobilization is underway to help him raise millions of dollars for the Trump-Vance presidential campaign.
Vance will headline two fundraisers on Thursday new york city Hosted by some of his top supporters in the financial industry. Each event is expected to raise more than $1 million Donald Trumppresidential campaign.
First up was a breakfast with a minimum of $10,000 per plate, hosted by investor Scott Bessent, Morgan Stanley’s Jonathan Burkan, Cantor Fitzgerald CEO Howard Lutnick and Norm Champ, former head of the Securities and Exchange Commission’s Division of Investment Management. Couples must donate $50,000 to participate.
According to the invitation, investor Keith Rabois, Palantir adviser Jacob Helberg and Burkan co-hosted a Trump campaign luncheon later that day. Ticket prices range from $25,000 per person to $250,000 per couple.
“J.D. Vance has demonstrated a deep commitment to advocating for policies that strengthen American workers and businesses,” Champ told CNBC. “His focus on revitalizing the economy and creating opportunities for growth aligns with what many, including myself, support. The values are consistent.”
“Going forward, I plan to continue supporting leaders like Vance who prioritize the needs of the American people,” Champ added.
Another prominent Vance backer is Sander Gerber, chief executive of investment firm Hudson Bay Capital.
The two first met in New York during the 2022 midterm elections, when Vance successfully ran for Senate in Ohio.
Gerber told CNBC that he was deeply impressed by the Ohio Republican’s story of overcoming a difficult childhood, which was the subject of Vance’s 2016 memoir “Hillbilly Elegy” and a 2020 Netflix biopic.
Gerber also said he would be open to hosting a campaign fundraiser hosted by Vance later this fall.
“I’m a big fan of JD.com and I will do whatever I can to help him,” he added.
Wall Street connections
One of Vance’s earliest interactions with Wall Street came shortly after the November 2016 presidential election, when he discussed his newly released memoir at a lunch in New York.
Among the attendees were several senior figures Goldman Sachsaccording to a former executive at the company. This person, like some others in this story, was granted anonymity in order to discuss private matters.
The next year, Vance participated in the prestigious Allen & Company He interacted with leaders from all walks of life, including Wall Street, at business conferences in Sun Valley, Idaho. The connections he made paid off when he took a Senate seat.
John Underwood, long-time managing director Goldman SachsHe encouraged his allies to support and raise money for Vance’s Senate campaign, according to people familiar with the matter.
Underwood first met Vance after “Hillbilly Elegy” was published, according to people familiar with the matter. Vance later attended a fireside chat Goldman Sachs held in Washington for some of the bank’s clients, where he discussed his book.
This person explained that Steve Case, co-founder of AOL and CEO of investment firm Revolution, also participated in the discussions. Vance worked for Revolution about a yearand left 2019.
By the time Vance runs for Senate in 2022, he has raised more money from donors in the securities and trading industry than from any other professional industry, more than $650,000 open secret. Vance won the game by six points.
Since Trump named Vance as his running mate in July, Underwood has been fielding inquiries from business leaders who want to know more about the junior Ohio senator who could become vice president, several people familiar with the matter told CNBC.
A person familiar with the situation said Underwood spoke admirably of Vance and viewed him as a strong choice as Trump’s running mate.
Other financiers who helped Vance raise campaign funds include Omeed Malik, president of 1789 Capital, and Emil Henry, chief executive of private equity giant Tiger Infrastructure Partners, according to people familiar with the matter. Henry, the funds were used both for his Senate campaign and for Trump’s political operations.
Henry, a former assistant treasury secretary in the Bush administration, was one of the guests at a Trump campaign fundraiser on August 25, where Vance was the guest of honor.
Bessent and investor Ted Virtue also attended the event, which was held at the palatial home of New York Jets owner Woody Johnson, two attendees told CNBC. One attendee said top-tier tickets sold for $50,000, and even with a limited guest list, the event raised more than $1 million.
Vance held a second fundraiser in the Hamptons on Aug. 25 at the home of Valor Capital Group managing partner Clifford Sobel.
One attendee, a real estate executive and billionaire Richard Kurtz said Vance spoke in front of about 100 people. He told them the Trump campaign needed “hundreds of millions of dollars” to compete with Vice President Kamala Harris’s fundraising surge.
Vance was telling the truth. Harris Political Action recently announced it raised $361 million in August, more than double the $130 million the Trump team raised last month.
The second Hamptons fundraiser was co-hosted by a group of financial executives, including Malik, veteran investor John Paulson and Reuben Jeffrey III, the former president of asset management firm Rockefeller Corp., according to the invitation. Tickets rise to $50,000.
unlikely allies
Small but loyal support for Vance on Wall Street has grown over the years despite his criticism of the financial industry, according to interviews with six people familiar with the matter.
Ohio Republicans’ opposition to Wall Street was on full display during the election. republican national convention July in Milwaukee.
“Wall Street tycoons destroyed the economy and American builders went bankrupt,” Vance said in his book. Nominate Award speech. “Ladies and gentlemen, we’re done catering to Wall Street. We’re committed to workers.”
A spokesman for Vance did not respond to a request for comment.
In Washington, Vance is seen as one of the more populist members of the Senate Banking Committee. He also joined Democrats in backing a bill that would impose stricter accountability on bank leaders federal regulatory agencies The right to claw back the salaries of senior bank executives if a financial institution fails.
Vance’s previous support for FTC Chairwoman Lena Khan’s antitrust crackdown and tougher merger rules hasn’t turned everyone on Wall Street away from him.
“I support JD.com and I like that (Khan) stops the M&A activity,” said a long-term investor in a small company who requested anonymity. “We focus on innovation and I want my company to succeed.”
Hudson’s Bay Capital’s Gerber said he agreed with Vance that the banking industry needs more regulation.
“Some things are managed too much. Some things are not managed enough. I think banking needs to transform right now,” Gerber said.
Kurtz said Vance’s criticism of the banking industry didn’t sway him. “There are problems in every industry, including Wall Street,” he said.
