News Analysis Nov 17, 2020 5:50 PM EST

Fortune 500 CEOs scheme how to get Biden into office if Trump doesn't concede

CEOs are also reportedly concerned about the effects of the election on market stability, Sonnenfeld explained.

Fortune 500 CEOs scheme how to get Biden into office if Trump doesn't concede
Noah David Alter Toronto
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Over two dozen Fortune 500 CEOs held a meeting two weeks ago discussing what to do if President Trump refuses to leave office, CBS reports.

The meeting, convened by Yale Management Professor Jeffrey Sonnenfeld, was to discuss plans for CEOs to make public statements and to place pressure on GOP lawmakers if the President continues to dispute the results of the election after the results are certified.

"They're all fine with him taking an appeal to the court, to a judicial process. They didn't want to deny him that. But that doesn't stop the transition," Sonnenfeld stated. "They said if that makes people feel better, it doesn't hurt anything to let that grind through."

The Business Roundtable, a group representing many of America's largest corporations, put out a statement the following day congratulating Joe Biden and Kamala Harris on their media-declared victory. While most mainstream media organizations have declared the Democratic ticket to have won the contentious 2020 election, the results are not officially certified until the Electoral College convenes in December.

According to Sonnenfeld, many of the CEOs present believe that Trump will refuse to leave office or that GOP lawmakers will force electors to change their votes in the Electoral College. Their thoughts were influenced by a talk by Yale historian Timothy Snyder, who suggested that democracies can often die after elections.

No evidence has been put forward that Trump or the GOP have any plans to overturn the results of the election. While the Trump campaign has initiated lawsuits in several close battleground states, it is fully within their legal right to do so. Little evidence of widespread fraud has been uncovered, and many of the lawsuits have been ejected from court.

CEOs are also reportedly concerned about the effects of the election on market stability, Sonnenfeld explained. Cornell University economist Esward Prasad built on her concern, stating that Trump is "whipping up an extraordinary degree of uncertainty that, if prolonged much further, will act as a drag on what is at best a nascent and fickle economic recovery."

Such concerns do not seem to have materialized thus far. The Dow Jones, for example, has risen by over $2,300 in value since election night, representing over 40 percent of the index's growth over the past six months.

The market gains appear to reflect the opinions of CEOs, despite talk of worries. RidgelyWalsh CEO Juleanna Glover says that she and most other CEOs believe that Trump's election challenges are little more than political theatre and that he will transition power without delay.

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