Finance elite unmoved by turmoil in D.C., markets

As Donald Trump's ballooning scandals sent stocks tumbling Wednesday, hedge fund managers gathered at the Bellagio in Las Vegas for one of the industry's most popular conferences. First on the day's agenda: pedaling exercise bikes, visiting a spa and trying a beauty service called GlamSquad. The mood was relaxed.

The SALT conference was founded by Anthony Scaramucci, a fund management executiveturned-Trump booster, and was the first big fundraising stop last year for campaign finance chief Steven Mnuchin, who's now Treasury secretary. Many attendees this year stand to profit if Trump fulfills his promise to slash taxes and Wall Street regulation.

So why weren't they freaking out over chatter of potential impeachment?

"We all feel comfortable with Mike Pence leading," said Anna Stone, a marketing and investor relations consultant whose clients include family offices and hedge funds. "Some people would be happier."

The general indifference to Trump's travails here says much about the financial industry's view of the young administration. For many on Wall Street, deregulation and tax reform matter more than a border wall or travel ban. Even if Trump succumbs to crisis, the thinking goes, Republicans and Pence can press on. The vice president has taken steps to begin building his own political war chest.

The scene at the conference, where a white McLaren was parked indoors for guests to ogle, contrasted with the uproar in markets, where the S&P 500 Index fell the most since September and Goldman Sachs Group Inc. shares slid the most in almost a year.