In his farewell address to the nation, former President Biden warned about “a dangerous concentration of power in the hands of a very few ultra wealthy people.” Such power is a risk, the outgoing president said, that undermines the very fabric of American life.
“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy. Our basic rights and freedoms. And a fair shot for everyone to get ahead,” he said.
In fact, the “oligarchy” Mr. Biden referred to has been taking shape for decades – with the support of both major parties and even Biden himself.
While the former president’s cognitive impairment is no secret, his short-term memory seems to be rapidly declining. It was only a short time ago, on Jan. 4, 2025, that he awarded Democrat mega-donor George Soros with the Presidential Medal of Freedom. The 94-year-old business magnate has donated more than $32 billion, mostly to progressive and liberal political causes, through his network known as the “Open Society Foundations.”
Perhaps Mr. Biden is only bitter with certain billionaires. For example, Laurene Powell Jobs, the widow of Steve Jobs, is said to have played a key role in getting Biden to end his reelection campaign, paving the way for Harris to gain the party’s nomination. Though there’s obviously no love lost between Biden and Powell, she is a close friend of former Vice President Kamala Harris. The New York Times noted the two women have gone on vacation together and consider each other family.
By Oct. 30, 2024, months after Biden was forced off into the sunset and the race for the White House race was winding down, Forbes magazine reported that 52 billionaires had contributed to Trump and 83 billionaires had contributed to Harris. A month earlier, more than a dozen billionaires had signed a letter endorsing Harris.
While much has been said about tech gurus Elon Musk and Mark Zuckerberg attempting to buy favor with President Trump, mainstream media has been largely mute regarding Reid Hoffman, cofounder of LinkedIn, who spent an estimated $100 million working to ensure a Harris victory. Hoffman had a very public beef with outgoing Federal Trade Commission Chairwoman Lina Khan. Calling for 35-year-old Kahn’s resignation claiming she was “at war with American business,” Hoffman hedged his bet on Harris and hoped that his massive donation would persuade her to fire Kahn.
Speaking of tech billionaires, Melinda Gates, the ex-wife of Microsoft cofounder Bill Gates, was among Harris’ backers with a reported $13 million in donations. For his part, even though Mr. Gates requested a post-election audience at Mar-a-Lago with President Trump, he donated $50 million to a Democratic political action committee supporting Harris, according to the New York Times.
The Times also reported that Jamie Dimon, CEO of JPMorgan Chase, privately endorsed Harris and expressed interest in a role within her administration, including Treasury secretary – a claim he denies. Dimon’s wife, Judith Kent, donated more than $250,000 to Democratic causes in 2024 through the couple’s joint The James and Judith K Dimon Foundation, according to Federal Election Commission filings.
Steve Ballmer, the owner of the NBA’s Los Angeles Clippers and former chief executive of Microsoft, said in an interview with Forbes that he would not endorse a candidate. Like Dimon, Ballmer’s wife Connie donated more than $300,000 to Democratic causes in 2024, according to government records. Atlanta Falcons owner and Home Depot co-founder Arthur Blank donated $1 million toward groups supporting Harris. So did Avram Glazer, owner of the Tampa Bay Buccaneers. Likewise, Dallas Mavericks owner Mark Cuban and NBA legend Magic Johnson were among the signatories of the September 2024 Harris endorsement letter. Surely Mr. Biden didn’t forget this when he awarded Johnson with the Presidential Medal of Freedom during the same ceremony in which he awarded Soros?
Whether they supported Donald Trump or Kamala Harris, the American Oligarchy’s goal was the same regardless of who won the election: power and perks. Contrary to what Mr. Biden would like you to believe, politicians selling themselves off to oligarchs is hardly revolutionary. Every branch of the government is heavily influenced by mega-donors – just ask Justice Clarence Thomas. America isn’t in trillions in debt because the lower class rely on government assistance. Rather, our nation is in debt because billionaires own our politicians, thus resulting in a form of corporate welfare, the renewal of which is purchased every election season.
J. Basil Dannebohm is a writer, speaker, consultant, former legislator and intelligencer. His website is www.dannebohm.com. He writes from the Washington DC metro in the Commonwealth of Virginia.
