Billionaire Ken Langone: I'll back Trump, but I'm done with political fundraising

Trump knows how to deal with banks: Ken Langone
Trump knows how to deal with banks: Ken Langone

Billionaire businessman Ken Langone said Wednesday he's supporting Donald Trump for president, despite previous endorsements of two Trump rivals in the GOP race.

But Langone, a long-time Republican fundraiser, told CNBC's "Squawk Box" he's out of the political fundraising business. "I've done my time in jail."

Langone said Ohio Gov. John Kasich, who along with Texas Sen. Ted Cruz dropped out of the race last week, would not take the vice presidential nod if Trump were to even offer it.

Langone, a Home Depot co-founder, had originally supported New Jersey Gov. Chris Christie for president. When Christie left, he swung support to Kasich.

Langone has always said he'd support the GOP nominee because he does not want Democrat Hillary Clinton to be president.