All big businesses know the truth.
Key figures in the American business sector appear largely unfazed by the prospect of a second term for former President Donald Trump, expressing confidence in the resilience of the country’s institutional checks and balances. This sentiment, however, raised concerns for at least one individual at a prominent global private equity firm, who voiced apprehension at the World Economic Forum in Davos, Switzerland. The unease stems from Trump’s persistent denial of his 2020 election defeat and the subsequent storming of the U.S. Capitol on January 6, 2021, as reported by CNBC.
Discussions revolving around Trump took center stage at exclusive events during the elite gathering, especially fueled by his triumph in the Iowa caucus. JPMorgan CEO Jamie Dimon, participating in the discussions, urged industry leaders to adopt a reflective stance. Dimon acknowledged Trump’s positions on various issues, such as NATO, immigration, economic growth, trade, and tax reform, pointing out that the former president had valid perspectives on critical matters. Despite reservations about Trump’s rhetoric concerning Mexico, Dimon noted that many supported him due to his stance on these key issues.
Contrary to the apparent confidence displayed by U.S. executives, a partner at an undisclosed global private equity firm privately expressed surprise at the lack of concern among industry leaders. Additionally, a former Trump administration official, who chose to remain anonymous, argued that there is greater cause for worry this time around. The official contended that without the restraining influence of certain individuals who curbed Trump’s impulsive actions, the potential return to office could pose more significant challenges.
Expressing skepticism about the effectiveness of executive orders, the former official emphasized the strength of the justice system and the likelihood of a divided Congress. While advocating caution, they downplayed the potential impact, stating that it wouldn’t be the end of the world.
In contrast to media portrayals of a Trump presidency as a severe threat, a CEO of a U.S. bank privately dismissed such concerns, characterizing Trump as “all bark and no bite.” The bank executive downplayed Trump’s refusal to accept the 2020 election results, predicting his return to the presidency and defending several of his policy positions as sound.