Wall Street Democratic donors warn the party: We’ll sit out, or back Trump, if you nominate Elizabeth Warren
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.
“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. The executive said this Wednesday, a day after Speaker Nancy Pelosi announced that the House would begin a formal impeachment inquiry into Trump.
During the campaign, Warren has put out multiple plans intended to curb the influence of Wall Street, including a wealth tax. In July, she released a proposal that would make private equity firms responsible for debts and pension obligations of companies they buy. Trump, meanwhile, has given wealthy business leaders a helping hand with a major corporate tax cut and by eliminating regulations.
Warren has sworn off taking part in big money fundraisers for the 2020 presidential primary. She has also promised to not take donations from special interest groups. She finished raising at least $19 million in the second quarter mainly through small-dollar donors. The third quarter ends Monday.
Trump, has been raising hundreds of millions of dollars, putting any eventual 2020 rival in a bind as about 20 Democrats vie for their party’s nomination.
Trump’s campaign and the Republican National Committee have raised over $100 million in the second quarter. A large portion of that haul came from wealthy donors who gave to their joint fundraising committee, Trump Victory. In August, the RNC raised just over $23 million and has $53 million on hand.
The Democratic National Committee have struggled to keep up. The DNC finished August bringing in $7.9 million and has $7.2 million in debt.
Biden, who has courted and garnered the support of various wealthy donors, has started to lag in some polls. The latest Quinnipiac poll has Warren virtually tied with the former vice president. Biden was one of three contenders that saw an influx of contributions from those on Wall Street in the second quarter.
A spokeswoman for the senator from Massachusetts declined to comment.
The business community’s unease about Warren’s candidacy has surged in tandem with her campaign’s momentum. CNBC’s Jim Cramer said earlier this month that he’s heard from Wall Street executives that they believe Warren has “got to be stopped.” Warren later tweeted her response to Cramer’s report: “I’m Elizabeth Warren and I approve this message.”
Some big bank executives and hedge fund managers have been stunned by Warren’s ascent, 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, also speaking on condition of anonymity. 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.
Yet before Obama was elected, his campaign took over $1 million from employees at Goldman Sachs, according to the nonpartisan Center for Responsive Politics.
A hedge fund executive pointed to Trump’s tax cut as a reason why his colleagues would not contribute or vote for Warren if she wins the nomination.
“I think if she can show that the tax code of 2017 was basically nonsense and only helped corporations, Wall Street would not like the public thinking about that,” this executive said, also insisting on anonymity.
LMAO wrote:StLGooner wrote:Do we want him impeached though? Do we want Pence in charge? The man that believes the literal interpretation of the bible and doesn't believe in evolution? Pence scares me more tbh. He'll have us all praying before we start work each day. Although, the impeachment if it even happens won't happen quickly. I believe it took Nixon 10 months to be fully impeached. Plus I'm sure Trump will fight it and it will get dragged out forever. But I guess if he's impeached then it keeps him from running next term? That would be worth it though.
Only if he's convicted by the Senate, then he can never run for or hold a public office in the US again.
Article I, Section 3, Clause 7 of the Constitution:Judgment in cases of impeachment shall not extend further than to removal from office, and disqualification to hold and enjoy any office of honor, trust or profitunder the United States: but the party convicted shall nevertheless be liable and subject to indictment, trial, judgment and punishment, according to law.
Think of it this way: To impeach someone here in the US is basically another way of saying to indict them, but it's a political charge and not a criminal one.
Royal Gooner wrote:LMAO wrote:StLGooner wrote:Do we want him impeached though? Do we want Pence in charge? The man that believes the literal interpretation of the bible and doesn't believe in evolution? Pence scares me more tbh. He'll have us all praying before we start work each day. Although, the impeachment if it even happens won't happen quickly. I believe it took Nixon 10 months to be fully impeached. Plus I'm sure Trump will fight it and it will get dragged out forever. But I guess if he's impeached then it keeps him from running next term? That would be worth it though.
Only if he's convicted by the Senate, then he can never run for or hold a public office in the US again.
Article I, Section 3, Clause 7 of the Constitution:Judgment in cases of impeachment shall not extend further than to removal from office, and disqualification to hold and enjoy any office of honor, trust or profitunder the United States: but the party convicted shall nevertheless be liable and subject to indictment, trial, judgment and punishment, according to law.
Think of it this way: To impeach someone here in the US is basically another way of saying to indict them, but it's a political charge and not a criminal one.
We all know that isn't going to happen as the Republicans control the Senate. Unless they really really want Pence as President (a move which would backfire severely), Trump is not getting impeached.
DiamondGooner wrote:What's he getting impeached for now exactly?
I've seen this slogan every week since he was elected, I've lost track.
To me this just seems like childish "Cancel culture" treatment .......... unless he's actually been found guilty of doing something this time?
This is a dangerous development though in Western democracy, the losing side in both Britain and America just refuse to accept the outcome of votes and are constantly badgering the opposition to be removed rather than allow them to see out their term.
Democracy only works if people respect the results of the majority.
Rather than improve their policies to win votes the opposition just concentrate on waging a war of propaganda to oust the opposition, meaning both parties are trash.
The new brat generation have no idea what the alternative to democracy looks like but traditionally its arrived in the form of Communism and Fascism ........... good times.
DiamondGooner wrote:Why wouldn't it be sincere?
If I knew the details I wouldn't be asking would I.
Anyway as in my last post I have read the summary of the situation, why would Trump turn to the Ukraine for dirt on Bidden ffs, he's the Pres of US, surely he has his own minions who could do this sort of research, why is he asking himself? also bugging the Presidents private phone calls? ............. surely that's illegal?
Sounds to me that the C.I.A have made a move against their own Executive?
UFGN wrote:DiamondGooner wrote:Why wouldn't it be sincere?
If I knew the details I wouldn't be asking would I.
Anyway as in my last post I have read the summary of the situation, why would Trump turn to the Ukraine for dirt on Bidden ffs, he's the Pres of US, surely he has his own minions who could do this sort of research, why is he asking himself? also bugging the Presidents private phone calls? ............. surely that's illegal?
Sounds to me that the C.I.A have made a move against their own Executive?
He said it so theres no point in asking why he would say it
And his calls are routinely listened to by staff, as are most heads of state
DiamondGooner wrote:UFGN wrote:DiamondGooner wrote:Why wouldn't it be sincere?
If I knew the details I wouldn't be asking would I.
Anyway as in my last post I have read the summary of the situation, why would Trump turn to the Ukraine for dirt on Bidden ffs, he's the Pres of US, surely he has his own minions who could do this sort of research, why is he asking himself? also bugging the Presidents private phone calls? ............. surely that's illegal?
Sounds to me that the C.I.A have made a move against their own Executive?
He said it so theres no point in asking why he would say it
And his calls are routinely listened to by staff, as are most heads of state
Where is your source for this?
Bugging or wire tapping your own Executive is a thing? and by whom? who authorized that above the Presidents authority?
Obviously I'm taking it Trump didn't know about this call listening otherwise he would of been more careful with his words.
UFGN wrote:DiamondGooner wrote:UFGN wrote:DiamondGooner wrote:Why wouldn't it be sincere?
If I knew the details I wouldn't be asking would I.
Anyway as in my last post I have read the summary of the situation, why would Trump turn to the Ukraine for dirt on Bidden ffs, he's the Pres of US, surely he has his own minions who could do this sort of research, why is he asking himself? also bugging the Presidents private phone calls? ............. surely that's illegal?
Sounds to me that the C.I.A have made a move against their own Executive?
He said it so theres no point in asking why he would say it
And his calls are routinely listened to by staff, as are most heads of state
Where is your source for this?
Bugging or wire tapping your own Executive is a thing? and by whom? who authorized that above the Presidents authority?
Obviously I'm taking it Trump didn't know about this call listening otherwise he would of been more careful with his words.
This is why its so hard to discuss anything with you. Its like you have no knowledge of anything and then read something thats in the news and your opinion is based on that lack of any starting point.
Its like there being a thunderstorm in the news and you dont understand that rain is wet.