Even as a New York jury considered Donald Trump’s fate, his rich backers stood behind him. Major Wall Street donors including Blackstone’s founder Stephen Schwarzman decided to firmly back the presumptive Republican presidential nominee Donald Trump, who was convicted on Thursday of 34 criminal charges.

It’s one thing to support a candidate who might cut taxes and regulation and quite another to endorse a felon. After his historic conviction, it’s collective greed that’s now on trial.

Trump was found guilty of charges against him related to covering up payments to a porn star, in the process becoming the first US president convicted of a crime. Justice Juan Merchan set sentencing for July 11, four days before the start of the Republican National Convention, which is all but certain to formally nominate Trump as the candidate. Trump said he would appeal.

Even donors who had previously said they were finished with Trump have returned. Last week, Schwarzman told Axios he would vote for Trump, after repeatedly calling on the GOP to find another candidate. A group associated with casino billionaire Miriam Adelson also said this week it would spend around $100 million on Trump’s campaign.

Hedge fund manager Bill Ackman is considering throwing his support behind Trump, too, Reuters reported on Thursday before the verdict was announced.

Although President Joe Biden’s campaign coffers are fuller, Trump and the Republican National Committee jointly raised $76 million in April, about 50 per cent more than the comparable haul for the presumptive Democratic nominee and the party’s related committees. Most of Trump’s latest fundraising came from a pricey event hosted by billionaire John Paulson in Palm Beach, Florida.

A similar roster rallied around Trump the last two times he sought the Oval Office. The many questions about his character were overlooked in favour of a perceived pro-business agenda. A criminal conviction, which could lead to a prison term, gives fresh reason for pause. But the country is also more polarised than ever: a growing number of Republicans and Democrats consider the other party immoral, dishonest and closed-minded, according to Pew Research.

Czech tycoon Daniel Kuntinsky has made a bold move with his 4.6 billion takeover of Royal Mail’s parent group. This divide helps destigmatise the illegal behaviour. In fact, Trump has used his time in New York during his criminal trial to profitable ends, juggling multi-million dollar fundraising events while defending himself from felony charges, sometimes in the same day. Any contributions now will help normalize criminal activity, and show the extent to which the wealthy are willing to ignore it.

Donald Trump became the first US president to be convicted of a crime on May 30 when a New York jury found him guilty of falsifying documents to cover up a payment to silence a porn star ahead of the 2016 election. After deliberations over two days, the 12-member jury announced it had found Trump guilty on all 34 counts he faced.

Justice Juan Merchan set sentencing for July 11, days before the start of the Republican National Convention expected to formally nominate Trump for president.

• A Reuters report