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Susan Walsh/AP
Actors, Democratic insiders, and megadonors all helped Biden s team raise more than $22 million.
The Biden transition started receiving checks in May 2020, before Biden clinched the nomination.
Before Donald Trump lost the 2020 election and stalled the presidential transfer effort last year, Democrats were already cutting checks to Joe Biden s transition team to prepare for such a scenario.
Party heavyweights wanted to make sure that even if Biden didn t have access to official government documents, his team would have plenty of cash to get ready for his new job.
And Democrats and other like-minded Americans came through. Together they contributed more than $22.1 million according to a disclosure document released Monday by the General Services Administration. Such fundraising obliterates previous marks for presidential transition funds, according to federal records.
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This is Masters in Business with Barry Ritholtz on Bloomberg Radio.
BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I have an extra, extra special guest. What can I say? Ron Baron, founder of Baron Capital, he’s a legend, I don’t even know where to begin with this guy. He founded Baron Capital in 1982, he performance numbers he’s put up have just been obscene. Everything he does, he seems to find his way to just spectacular returns whether it’s public companies, or private companies, or real estate, just Google search him on East Hampton and the property he bought for $100 million in the midst of the financial real estate collapse in 2007, he turned that into gold.