November 3, 2020

On Monday CNBC reported that a shocking number of private equity firms are backing Democratic candidates for the 2020 election

Private equity firms are putting their money more than ever before in this election cycle. The CNBC host says the money is going behind a surprising choice.

CNBC's Leslie Picker said, "The private equity industry is putting a record amount of money into the election - and the vast majority of contributions to individual candidates are backing Democrats."

"61% of the industry's donations went to blue candidates while 39% backed red ones," she continued. "It's the highest proportion that the industry has given to Dems since at least 1990 and the first time the party captured a majority of PE contributions in a decade."

It is a shock since Democrats have been outwardly bashing Wall Street and want to regulate private equity firms.

Trump is so unpopular even on Wall Street that CNBC reports PE's are supporting Dems hoping for a blue wave because even though they've said they would raise taxes, the Democrats would get a stimulus done as well as a better tariff strategy and an infrastructure deal.

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