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| With Nomination in Hand, Donald J. Trump Now Seeking a Hand | |
| (about 1 hour later) | |
| For 10 months as he ran an insurgent presidential campaign, Donald J. Trump excoriated the Republican Party’s donor class as a group of special interests whose support he did not want or need. | For 10 months as he ran an insurgent presidential campaign, Donald J. Trump excoriated the Republican Party’s donor class as a group of special interests whose support he did not want or need. |
| That was then. | That was then. |
| Now Mr. Trump is the presumptive Republican nominee, with a newly-minted national finance chairman, Steve Mnuchin, who worked for Soros Fund Management and Goldman Sachs. And since Mr. Trump seems to have little interest in pouring hundreds of millions of dollars of his own money into a general election battle that will cost at least $1 billion, Mr. Mnuchin will lead efforts to raise that money from others. | Now Mr. Trump is the presumptive Republican nominee, with a newly-minted national finance chairman, Steve Mnuchin, who worked for Soros Fund Management and Goldman Sachs. And since Mr. Trump seems to have little interest in pouring hundreds of millions of dollars of his own money into a general election battle that will cost at least $1 billion, Mr. Mnuchin will lead efforts to raise that money from others. |
| Mr. Trump is already facing a reluctant donor community, which he often demonized in his speeches, saying he will not be beholden to special interests or their money. | |
| “I don’t really see this as a change,” Mr. Mnuchin said in an interview. “We’re not looking to raise money from special interest groups and things like that. The majority of the money that’s coming in is going to be in small and medium-sized donations.” | “I don’t really see this as a change,” Mr. Mnuchin said in an interview. “We’re not looking to raise money from special interest groups and things like that. The majority of the money that’s coming in is going to be in small and medium-sized donations.” |
| “I don’t see that being inconsistent” with Mr. Trump’s railing against Wall Street fat cats, Mr. Mnuchin said. | “I don’t see that being inconsistent” with Mr. Trump’s railing against Wall Street fat cats, Mr. Mnuchin said. |
| Mr. Mnuchin said he had done business deals with Mr. Trump, though he declined to provide details. He said he attended Mr. Trump’s New York primary victory party on April 19 and the next morning, the candidate called and asked if he would consider the post. He spent time traveling to Indiana with Mr. Trump, and they met in Los Angeles. | |
| Roger Stone, a close confidante and sometimes-adviser to Mr. Trump, defended the move. | Roger Stone, a close confidante and sometimes-adviser to Mr. Trump, defended the move. |
| “Donald Trump knows Wall Street will pay both sides,” he said in an email. “Why shouldn’t he take their money to beat Hillary? They are going to find out you can’t co-opt Donald Trump. He’s his own man with his own nationalist views. He can’t be bought. Sure, he’ll take their money, but he won’t change his views on immigration, trade or NATO or his commitment to make hedge fund managers pay their fair share of taxes.” | “Donald Trump knows Wall Street will pay both sides,” he said in an email. “Why shouldn’t he take their money to beat Hillary? They are going to find out you can’t co-opt Donald Trump. He’s his own man with his own nationalist views. He can’t be bought. Sure, he’ll take their money, but he won’t change his views on immigration, trade or NATO or his commitment to make hedge fund managers pay their fair share of taxes.” |
| On Thursday, Mr. Trump got a potentially significant lift in the form of an endorsement from Sheldon G. Adelson, a casino magnate who gave more than $100 million to Republican groups in the 2012 election. | |
| For now, however, many donors remain unconvinced. | |
| “Trump has been the political equivalent of when you’re dating a guy and he’s giving you all these messages that he’s just not that into you,” said Theresa Kostrzewa, a lobbyist based in North Carolina and a Republican bundler who supported Jeb Bush this cycle. “That’s really what he’s told Republican donors and fund-raisers up until now — not only that he’s just not that into you, but that I don’t need you, I don’t want you, and so stink.” | “Trump has been the political equivalent of when you’re dating a guy and he’s giving you all these messages that he’s just not that into you,” said Theresa Kostrzewa, a lobbyist based in North Carolina and a Republican bundler who supported Jeb Bush this cycle. “That’s really what he’s told Republican donors and fund-raisers up until now — not only that he’s just not that into you, but that I don’t need you, I don’t want you, and so stink.” |
| Mr. Mnuchin said the campaign is working on a joint fund-raising agreement with the Republican National Committee, and noted that some donors have already announced their support, such as the Nascar chief, Brian France, and Andy Beal, a California-based donor. Mr. Mnuchin anticipated that roughly 30 staffers would end up devoted to fund-raising for the campaign and party. | Mr. Mnuchin said the campaign is working on a joint fund-raising agreement with the Republican National Committee, and noted that some donors have already announced their support, such as the Nascar chief, Brian France, and Andy Beal, a California-based donor. Mr. Mnuchin anticipated that roughly 30 staffers would end up devoted to fund-raising for the campaign and party. |
| But already, many of the party’s major donors are eyeing Mr. Trump warily. Woody Johnson, the heir to the Johnson and Johnson fortune and a former Jeb Bush backer whom Mr. Trump singled out for scorn in February, declined to comment on his plans for the general election. | But already, many of the party’s major donors are eyeing Mr. Trump warily. Woody Johnson, the heir to the Johnson and Johnson fortune and a former Jeb Bush backer whom Mr. Trump singled out for scorn in February, declined to comment on his plans for the general election. |
| Paul Singer, a major funder of Senate races, “was ‘Never Trump’ yesterday and is ‘Never Trump’ today,” a person briefed on his thinking said on Wednesday. | Paul Singer, a major funder of Senate races, “was ‘Never Trump’ yesterday and is ‘Never Trump’ today,” a person briefed on his thinking said on Wednesday. |
| Ms. Kostrzewa added that Mr. Trump would be at a disadvantage because, unlike other candidates who often have a vast donor network for their previous political campaigns, Mr. Trump is practically starting from scratch. | Ms. Kostrzewa added that Mr. Trump would be at a disadvantage because, unlike other candidates who often have a vast donor network for their previous political campaigns, Mr. Trump is practically starting from scratch. |
| Some top Republican donors also wonder if Mr. Trump has the patience to headline fund-raisers, where top-dollar donors often expect the candidate to spend several hours at an event — posing for photographs, speaking at a dinner, and then lingering after for small talk. At a Republican retreat last year in Boca Raton, Fla., Mr. Trump offered brief remarks at a postdinner reception, but notably did not shake hands and stay after, as many other 2016 hopefuls did. | Some top Republican donors also wonder if Mr. Trump has the patience to headline fund-raisers, where top-dollar donors often expect the candidate to spend several hours at an event — posing for photographs, speaking at a dinner, and then lingering after for small talk. At a Republican retreat last year in Boca Raton, Fla., Mr. Trump offered brief remarks at a postdinner reception, but notably did not shake hands and stay after, as many other 2016 hopefuls did. |
| Mr. Mnuchin’s firm purchased OneWest, the remnant of a California-based mortgage lender that collapsed during the financial crisis, and the bank came under scrutiny for its harsh foreclosure practices. One New York State Court judge described OneWest’s behavior as “harsh, repugnant, shocking and repulsive.” | Mr. Mnuchin’s firm purchased OneWest, the remnant of a California-based mortgage lender that collapsed during the financial crisis, and the bank came under scrutiny for its harsh foreclosure practices. One New York State Court judge described OneWest’s behavior as “harsh, repugnant, shocking and repulsive.” |
| Mr. Mnuchin was vague when asked about whether Mr. Trump would seek to soothe donors’ egos by creating tiers of top bundlers, the way that Mitt Romney and Senator John McCain and President George W. Bush did. He also did not answer whether the campaign plans to explicitly sanction “super PAC” money. | Mr. Mnuchin was vague when asked about whether Mr. Trump would seek to soothe donors’ egos by creating tiers of top bundlers, the way that Mitt Romney and Senator John McCain and President George W. Bush did. He also did not answer whether the campaign plans to explicitly sanction “super PAC” money. |
| Mr. Mnuchin said that by working with the Republican Party, he expected to raise “in excess of $1 billion,” but added that the finance operation may bear some trademark Trump hallmarks. | |
| “Like everything with Donald’s campaign, there will have aspects that’s conventional fund-raising, but there will have aspects that’s not conventional fund-raising,” he said. | “Like everything with Donald’s campaign, there will have aspects that’s conventional fund-raising, but there will have aspects that’s not conventional fund-raising,” he said. |