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Why Wall Street is backing these three candidates

Big financial donors appear to have settled on a few favorites in the 2020 Democratic primary, Shane Goldmacher of the NYT reports: Joe Biden, Senator Kamala Harris of California and Mayor Pete Buttigieg of South Bend, Ind. That could give them a huge leg up on fund-raising.

Here’s who on Wall Street has been supporting them:

• Mr. Biden: Jim Chanos, the hedge fund mogul; and Brad Karp, a top lawyer to Wall Street banks.

• Ms. Harris: Marc Lasry, the hedge fund billionaire; Blair Effron, the veteran investment banker; Ray McGuire, the vice chairman of Citigroup; and Mr. Karp.

• Mr. Buttigieg: Tony James, the executive vice chairman of Blackstone.

There are a few reasons for their support, according to Mr. Goldmacher. Donors like Mr. Biden’s ideological moderation and poll standing against Mr. Trump; Ms. Harris’s potential in primary contests and prospects of assembling an Obama-like multiethnic coalition; and Mr. Buttigieg’s youth, intellect and charisma.