In recent interviews of big-money Democratic donors, CNBC has found this opinion is becoming widely shared as Warren surges in the polls.
– News covered by Quincy Quarry News with commentary added.
Wall Street Democratic donors warn the party: we’ll sit it out or back Trump if you nominate Elizabeth Warren.
Megabucks Democratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle – or perhaps even back President Donald Trump – if Massachusetts Senator Elizabeth Warren wins the Democratic party’s nomination.
In recent weeks, Senator Elizabeth Warren, an outspoken critic of big banks and corporations, has gained momentum in the polls against long ongoing front-runner Joe Biden.
“You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,’” said a senior private equity executive, who spoke on condition of anonymity in fear of retribution by party leaders.
There's a law against campaign contributions like this. https://t.co/949HFGBMMY
— Richard M. Nixon (@dick_nixon) September 26, 2019
During the campaign, Warren has put out multiple plans intended to curb the influence of Wall Street, including a wealth tax.
A number of big bank executives and hedge fund managers have been stunned by Senator Warren’s ascent in the polls, and they are primed to resist her.
“They will not support her. It would be like shutting down their industry,” an executive at one of the nation’s largest banks told CNBC. This person said Warren’s policies could be worse for Wall Street than those of President Barack Obama, who signed the Dodd-Frank bank regulation bill in the wake of the 2008 financial meltdown.
As is well-known, money is the mother’s milk of politics and to this end Warren has raised at least $19 million in the second quarter, mainly through small-dollar donors.
At the same time, President Trump has raised hundreds of millions of dollars.