Experts are issuing stern warnings about business support for Trump – it could backfire badly and endanger democracy
rom Wall Street to Silicon Valley, a growing number of billionaires, tech titans and venture capitalists are backing Donald Trump’s campaign for president, among them Stephen Schwarzman, chairman of Blackstone, the world’s largest private-equity fund, Steve Wynn, the casino tycoon, Bill Ackman, the hedge fund manager, and Marc Andreessen, a leading venture capitalist.
Witold Henisz, vice-dean of the Wharton School, questioned the wisdom of billionaires and business executives backing Trump. “The best info they have is what happened in the last Trump administration,” Henisz said. “They got tax breaks, and nothing really terrible happened. The world didn’t end.” Trump’s business and billionaire backers support him for numerous reasons. When Blackstone’s Schwarzman announced his support for Trump in May,“I share the concern of most Americans that our economic, immigration and foreign policies are taking the country in the wrong direction.”
Admati voiced concern that some Silicon Valley and other business leaders are backing Trump even though his plans “appear to follow an authoritarian playbook in which the tools of democracy are used to destroy democracy, concentrate power and avoid checks and balances.” “If there is any lesson here for the American business titans queueing up to invest in Trump,” Ryback added, “it would be to take the man at his word, including his plan for a day one dictatorship and a program of vengeance against his political opponents. As with Hitler, there should be no illusions about Trump’s determination to make good on his campaign promises.”
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