Although Wall Street considers Florida Governor Ron DeSantis a superior option to Donald Trump as a Republican presidential candidate, financial experts view him as a weak contender.
What Happened: DeSantis was considered a top pick by bankers, attorneys, and political consultants interviewed by Politico, but his recent missteps have caused donors to spread their money around to candidates of both parties.
Dave Carney, a veteran Republican strategist for both former Bush presidents, said, "People will change horses."
"You may get really excited about somebody and then all of a sudden realize, ‘Eh, not really my cup of tea.'"
As Trump gains more popularity in the polls after being charged with criminal offenses related to hush money payments, a New York bank executive expressed doubts about DeSantis’ chances of winning. "DeSantis is certainly a better option than Trump at this point," the executive said. "But he's a really weak option."
Why It Matters: Financial industry executives are among the biggest donors in presidential elections, and they generally favor lower taxes and lighter-touch regulation but also value stability and experience.
Although DeSantis was seen as a potential candidate to secure Wall Street’s support, his several gaffes, including his personal demeanor, stance on Ukraine, and snacking habits, have led to a decline in popularity.
Even if DeSantis manages to win significant support from the financial industry, he could still face a problem as some executives are skeptical that contributing money to the Florida governor's campaign might allow Trump to label him as a puppet of Wall Street.
"We know everyone hates us and that nobody running for president wants to be seen as the ‘Wall Street candidate,'" said the first executive at the large New York bank.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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