Wall Street’s billionaires and big-hitters are backing Kamala Harris: ‘This is a clarion call for democracy’

Ray McGuire, president of Lazard Inc., says she’s just getting started.

“Many Wall Street leaders will rally to support her,” said McGuire, a former New York mayoral candidate who was one of the most prominent Wall Street executives to back Harris’ run for president in the last cycle. “This is a clarion call for democracy. The credibility she has will resonate from Wall Street to Main Street.”

Top Democratic officials and donors have rushed to support Harris, 59, after President Joe Biden’s decision over the weekend to not seek reelection and endorse his vice president for the nomination. As his running mate, she’s the only person capable of accessing the roughly $96 million already raised for the ticket.

Harris, who vowed to “earn and win” the nomination, has quickly gotten deep-pocketed Democrats on board, including Evercore Inc. founder Roger Altman, who said on CNBC Monday that he’s pledged his support for her. George and Alex Soros, longtime Democratic mega-donors, were among the first to back Harris after Biden’s announcement. 

Marc Lasry, the billionaire chief executive of Avenue Capital Group, will also support Harris, according to a person familiar with the matter. He hosted an event for her at his New York apartment during the last presidential cycle and probably will again, said the person, who requested anonymity because the discussions were private.

Frank Baker, who runs a private equity firm focused on tech, is also planning on backing her, according to a person familiar with his thinking. He hosted a fundraiser for Harris in 2019 at his Southampton home.

“I wanted a candidate who earned the nomination. And in 24 hours Kamala showed me — showed us all — that she can mobilize the base,” said Christina Lewis, founder of multi-family office Beatrice Advisors. “Kamala can get people running to the polls. I am 100% behind her.”

It all amounts to a swift and orderly pivot for the party, which was staring down a potentially chaotic few weeks ahead of the Democratic National Convention if, as some donors preferred, there was an open contest among Harris and other high-profile governors and elected officials. 

Instead, many state delegations that had been bound to Biden are lining up behind Harris. She was about halfway toward the number of delegates she needs to clinch the nomination as of noon New York time.

Meanwhile, donor money is pouring in from the KHive — a play on Beyoncé’s “Beyhive” — and beyond. Since Biden said he was exiting the race on Sunday afternoon, Harris raised about $50 million, according to her campaign. By contrast, the Biden campaign raised $63.8 million in all of June.

The Biden-allied super political action committee Future Forward has received $150 million worth of new pledges in the past day from donors who hadn’t previously committed to support Biden, or had paused giving to pressure on him to drop out, according to a senior aide for the group.

“The enthusiasm for fundraising is something I have never seen before — the number of people who have reached out to host or co-host an event or raise money, is astounding,” said Jon Henes, CEO of C Street Advisory Group and Harris’ national finance chair for her previous presidential run. 

Some big donors who preferred an open convention said they’d want to see Harris’ running mate — and whether that person would tip the scales toward Democrats in crucial swing states — before endorsing her.

Some top contenders for her running mate include Pennsylvania Governor Josh Shapiro, 51; Kentucky Governor Andy Beshear, 46; North Carolina Governor Roy Cooper, 67; and Arizona Senator Mark Kelly, 60. Beshear said Monday he’d consider joining Harris’ presidential ticket, while Cooper, who said he spoke with her on Sunday, dodged the question.

McGuire, whose wife, Crystal McCrary McGuire, hosted a campaign fundraiser for women who support Harris earlier this year, sees her being at the top of the ticket as a draw itself, regardless of running mate. 

But, he added, she’s capable of surrounding herself with top people.

“Harris is an impressive talent who happens to be a woman, who is Black,” McGuire said. “She’s got a command of the facts, and a track record. And she can field an A team, for this election and going forward.”