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In today’s edition, Ben Smith gives Liz Hoffman a much-needed break and digs into Kamala Harris’ lon͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
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August 22, 2024
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Ben Smith
Ben Smith

Liz Hoffman is taking her first real vacation since we started Semafor together 22 months ago, and I have the intimidating task of standing in for her today. I’m a political journalist, and would never pretend to fill her giant shoes as a business correspondent. But conveniently we are in that strange season when all the streams of power run together toward a November American presidential election.

I’m writing from Chicago, where I’ve spent the week trying to understand Harris’ relationships with wealth and power, as you can read below. And one relationship in particular: With Laurene Powell Jobs, one of the richest women in the world. The widow of Steve Jobs has become a close friend — and donor — to the nominee. Their long relationship offers a glimpse at how the possible next president operates.

Thanks for reading Semafor!

The Tape

US job growth was weaker than originally reported … Cue the conspiracy theories … and the pre-rate-cut stock jitters … Mike Lynch was confirmed dead in yacht sinking … PG&E scrambles to contain fires … Canadian rail strikes threaten supply-chain “earthquake” … Google helped advertisers target teens … Trouble comes for the other Bond King…

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Intel

Lawyers for Harris: M&A eminence grise Rodgin Cohen will co-host a lunch next week with Second Gentleman Doug Emhoff alongside Cohen’s Sullivan & Cromwell partner Chris Mann, restaurateur Danny Meyer, and others. Seats start at $3,300. Harris raised four times as much money as Donald Trump in July, new data shows.

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Ben Smith

First Friend: Kamala Harris’ alliance with Laurene Powell Jobs

Laurene Powell Jobs.
Bret Hartman/TED/Flickr. CC BY-NC-ND 2.0

Kamala Harris’ presidential nomination immediately reset Democrats’ relationships with US financial elites — if not the party’s approach to their businesses.

Harris came up through California’s behind-the-scenes politics of relationships and big money, rather than President Joe Biden’s small-state retail politics. She spent her time in the White House cultivating Wall Street’s big Democratic donors like Centerview’s Blair Effron, a group that had only dutifully supported Biden. But there’s “genuine enthusiasm” for the new nominee, as Liz Hoffman reported.

And her roots in California’s worlds of wealth and power are decades deep. A glance at the list of donors to her 2003 run for San Francisco city attorney reveals a remarkable network even then — the author Richard North Patterson, the future US congressman Ro Khanna, and Dana Walden, now co-chairman of Disney and a key Harris ally in Hollywood.

The central figure in the concentric circles of wealth and power around the Democratic nominee also first gave money to her in 2003: Her name appeared then as Laurene Jobs, and she was then the relatively low-profile wife of Apple’s legendary and mercurial CEO. She was “mainly a contributor” to that campaign, a person involved in the 2003 campaign recalled.

But the women grew close after Harris launched her 2010 campaign for California Attorney General. Powell Jobs, who had hired former Clinton official Stacey Rubin as a political adviser by then, hosted a fundraising luncheon for the candidate in Palo Alto in 2009, said Debbie Mesloh, who worked on that campaign.

“It was pretty clear right away that they had an affinity for each other,” Mesloh said.

What the relationship reveals about Harris — and her campaign’s supercharged fundraising →

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Evidence

On ice: Jack Daniels maker Brown-Forman is the latest company to back away from diversity initiatives. In a letter sent to employees Wednesday, the company said it will stop tying executive bonuses to diversity metrics and stop submitting data to an annual ranking of corporate LGBTQ policies. It follows other heartland-resonant brands like Harley-Davidson, Tractor Supply, and Deere in unwinding progressive workplace efforts. Self-styled conservative muckraker Robby Starbuck, who shared screenshots of the internal email online, has claimed credit for all four retreats.

Corporate diversity initiatives accelerated by the #MeToo and #BLM movements have outrun the public’s enthusiasm for them. A shrinking minority of Americans want to hear from businesses about current events, new data out last week from Gallup shows.

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