America’s biggest financial institutions are backing Democratic nominee Joe Biden, banking on a “blue wave” to boost the economy, a message that Biden’s running mate, Sen. Kamala Harris, touted during Wednesday night’s debate.

“Joe Biden’s economic plan, Moody’s — which is a reputable Wall Street firm — has said will create 7 million more jobs than Donald Trump’s,” Harris said as she faced off against incumbent Mike Pence.

TRUMP HITS BIDEN ON FRACKING: ‘PENNSYLVANIA WILL NEVER GO FOR HIM’

Despite Biden’s promises to raise taxes on corporations and the wealthy and regulate banks more tightly, he has raked in five times as much as Trump in donations from the securities and investment industry, with an eye-popping sum of $51.1 million. The incumbent has garnered just $10.5 million, according to OpenSecrets.

Employees from Goldman Sachs have contributed $156,584 to Biden’s campaign, JPMorgan Chase has raised $379,057, and $257,821 has come from Morgan Stanley.

The same leaders in the banking sphere have contributed significantly less to Trump and outside groups supporting the Republican, to the tune of $11,943 from Goldman Sachs, $86,083 from JPMorgan Chase, and $96,010 from Morgan Stanley.

Additionally, backers from Wells Fargo have poured $267,000 into efforts to clinch a Democratic win while giving just $194,000 to Trump.

SILICON VALLEY REPORTEDLY POURING MONEY INTO BIDEN COFFERS — NOT SO MUCH FOR TRUMP

From Bank of America, Biden has raised $275,200, compared with Trump’s $164,911.

Earlier in the campaign, more progressive candidates such as Sen. Bernie Sanders, I-Vt., blasted corporate donations.

During his failed run for the White House, Sanders said he didn’t want to be beholden to banks or mega-donors.

Source Article

By Swati Bhat

MUMBAI, Oct 9 (Reuters)The Reserve Bank of India assured bond markets on Friday that it stands ready to take whatever measures are necessary to ensure adequate liquidity in the banking system, sparking a sharp rally.

The RBI said it will conduct on-tap long-term repo operations, open market purchases of bonds and special open market operations (S-OMOs), and also provide the increased held-to-maturity limit to banks until March 2022 versus March 2021.

“For the bond market, this is like an early Diwali and just as the March policy (decision) was termed a bazooka, there is enough today to light up some fireworks,” said Arvind Chari, head of fixed income and alternatives at Quantum Advisors, referring to the Hindu festival of lights which falls next month.

The benchmark 10-year bond yield IN057730G=CC dropped as much as 10 basis points to 5.92% on Friday. The measures were announced alongside a monetary policy committee decision.

The MPC kept rates on hold as predicted while keeping policy stance accommodative to help pull the coronavirus-ravaged economy out of its worst slump in four decades.

Bond markets have been stressed in recent months by the government’s record 12 trillion rupee ($164.16 billion) borrowing program and higher borrowing requirements by states.

“In order to impart liquidity to state development loans (SDLs) and thereby facilitate efficient pricing, it has been decided to conduct OMOs in SDLs as a special case during the current financial year,” RBI Governor Shaktikanta Das said, adding these and other measures should ease fears about illiquidity.

Market participants had complained of a lack of clarity on what measures the RBI would take, amid fears the government could further increase borrowing in the last quarter if revenues remained weak.

“We look forward to cooperative solutions for the borrowing programme for