On the Wealth Tax, Wall Street’s Biden Bet, and Lazard’s Challenge

John Paulson in 2016
Photo by Getty Images
William D. Cohan
September 26, 2021

Since I began writing my column for Puck, I’ve been inundated with feedback about Wall Street’s biggest characters and concerns. I’ll be engaging with some of those questions here—in addition to a few observations of my own.

Yesterday, the House Budget Committee approved Biden’s ambitious $3.5 trillion economic plan, sending it to the floor this week. Still, the legislation seems imperiled by all kinds of challenges. Was Biden too ambitious? What’s the Wall Street view?

There are a lot of issues and concerns confronting the Biden administration at the moment: It’s still reeling from the botched withdrawal from Afghanistan. There’s the ongoing crisis on the Mexican border. Let’s face it, sending Haitian refugees, who struggled relentlessly to get to the border, back to Haiti is not a good look, to say nothing of un-American. The deaths from the Delta variant are averaging more than 2,000 a day. Some of our Western European allies—particularly France—are pissed about the submarine deal with Australia and whether or not that continues to inflame our relationship with China.