[New York Diary] Why Is Wall Street Focusing on Haley?

Nikki Haley Emerges as Wall Street's Favorite
Surging Approval Ratings Make Her a Serious Trump Rival
Financial Giants Rally Behind Haley, but the Path to the White House Remains Steep

"I like all kinds of attention, everyone." This was a remark made by former UN Ambassador Nikki Haley to her competitors who were showering attacks on her during the fourth Republican presidential primary debate held last week in the United States.

Boosted by a recent surge in approval ratings, Haley, who has emerged as a 'Trump rival,' was literally under a barrage of attacks in this debate held without former President Donald Trump. Businessman Vivek Ramaswamy mocked her as a "politician bought by Wall Street," and Florida Governor Ron DeSantis, who lost the Trump rival title, snapped, "You will end up succumbing to donors." These attacks focused on her recent receipt of large political donations from major Wall Street players. Of course, Haley dismissed these claims as 'jealousy from those who couldn't get donations' and said they were 'not worth responding to.'

[Image source=AFP Yonhap News]

In her early 50s, Haley is receiving active love calls from the 'anti-Trump' factions with less than a year remaining until the U.S. presidential election. Not only the moderate and independent Republicans, an area Trump could not penetrate, but even Democratic voters who do not favor President Joe Biden are paying attention to her as an 'alternative.' Especially, with financial giants from Wall Street declaring their support one after another, she has become a dark horse with formidable financial resources and organization.

Among the Wall Street heavyweights who have expressed support for Haley are the political group Americans for Prosperity (AFP), led by Charles Koch, CEO of Koch Industries and a major Republican donor, and Jamie Dimon, chairman of JP Morgan Chase, known as the 'Emperor of Wall Street.' It is reported that many prominent Wall Street figures appeared at a fundraising dinner hosted by former Goldman Sachs chairman Gary Cohn. Additionally, the co-founder of social media platform LinkedIn, Reid Hoffman, donated $250,000, confirming an anti-Trump front led by Haley, a Republican, even among Democratic supporters.

From the business community's perspective, there must have been concerns about uncertainty if former President Trump were to be re-elected. Moreover, Haley is well known as a supporter of conservative market liberalism, including deregulation and tax cuts for the wealthy. Simply put, she is a figure who aligns with Wall Street's preferences. Billionaire Eric Levin evaluated Haley as having "a solid foreign policy, a positive view of America, and a reasonable stance on abortion rights." Chairman Dimon reportedly expressed that he was deeply impressed by her intelligence, rationality, and openness during a phone call. Furthermore, Haley differentiates herself from other major presidential candidates in terms of age (50s), gender (female), race (Indian descent), and religion (Sikh), offering broader appeal.

However, securing Wall Street's financial power alone is still a long way from the presidency. Although Haley's approval rating (15% according to a WSJ poll) has risen sharply, there remains a large gap with former President Donald Trump (59%). USA Today, while noting this so-called 'Haley moment,' analyzed that for Haley to win in a 'Trump vs. Haley' scenario, either aliens would have to abduct Trump to understand humanity's flaws, or Trump would have to drop out or be imprisoned. This means it is a very difficult contest.

Can Haley, who has become Wall Street's 'darling,' avoid following the footsteps of Governor DeSantis, whose surge lasted only a few months? The first battleground will be the Iowa caucuses in January next year, the first primary to select the Republican presidential candidate. The world is watching closely as less than 11 months remain until the U.S. presidential election.