Democratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle — or even back President Donald Trump — if Sen. Elizabeth Warren wins the party’s nomination.
In recent weeks, CNBC spoke to several high-dollar Democratic donors and fundraisers in the business community and found that this opinion was becoming widely shared as Warren, an outspoken critic of big banks and corporations, gains momentum against Joe Biden in the 2020 race.
Great News: Wall Street Democrats Might Leave the Party
My fervent hope for many years could be coming true.
For months now, CNBC has been offering a window into the Wall Street primary, befitting its role as a conduit for the financial industry to dictate demands on politics and society.
CNBC’s Brian Schwartz, the network’s “politics and finance reporter,” has controlled this beat, diligently chronicling the desires of giant donors and their preferences in the Democratic primary.
He’s laid out which candidates are getting the big contributions, precisely where in the Hamptons fundraisers are being held, which donors are shifting allegiances, and what advice those rich people are giving the candidates, sometimes directly.
It’s a fascinating and perfectly revolting way to cover modern politics: Just call up the richest hedge fund managers and bankers you can find and run the entire coverage through them. It’s probably as accurate as any other method of understanding how power works in America today.
But Schwartz’s latest article, really a warning from Wall Street’s highest and mightiest, actually offers a way out of this despairing doom loop of political economy.
In it, Schwartz relays the message of “several high-dollar Democratic donors and fundraisers in the business community,” who vow to sit out the general election, or even back Donald Trump, if Elizabeth Warren wins the nomination.
Bernie Sanders isn’t mentioned in the article probably because everyone already knows that these types of donors would have precisely the same reaction.
Wall Street is ‘terrified’ of Elizabeth Warren — Jim Cramer says buy dips in health-care stocks
Wall Street is “terrified” of a potential Elizabeth Warren presidency and it has opened up buying opportunities in the market, CNBC’s Jim Cramer said Thursday.
The worried investors are trying to game the 2020 election and the Massachusetts senator’s odds of winning the Democratic Party nomination and the White House as she closes the lead of front-runner Joe Biden and even surpasses the former vice president in some polls, the “Mad Money” host said. The most recent Quinnipiac poll has Warren practically tied with Biden.
“As long as investors have trouble understanding that President Trump won’t be removed from office by a Republican Senate, and Elizabeth Warren isn’t some Marxist insurgent out to destroy capitalism, we could have more difficult days like this one,” Cramer argued.
“Maybe lots of them.
Get used to it.”
Biden campaign exploring Wall Street tax as Sanders, Warren push huge levies on the rich
Biden’s advisers are considering a plan that could tax financial transactions, like the sale of stocks and bonds, according to The Washington Post, citing individuals familiar with the discussions.
If Biden moves forward with the proposal, it would mark a significant leftward shift in his campaign and the embracement of ideas frequently touted by his two biggest rivals, Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt.