The open secret of Ms. Warren’s campaign is that her big-money fund-raising through 2018 helped lay the foundation for her anti-big-money run for the presidency. Last winter and spring, she transferred $10.4 million in leftover funds from her 2018 Senate campaign to underwrite her 2020 run, a portion of which was raised from the same donor class she is now running against…

“Can you spell hypocrite?” said former Gov. Ed Rendell of Pennsylvania, who contributed $4,000 to Ms. Warren in 2018 and is now supporting former Vice President Joseph R. Biden Jr.

Mr. Rendell said he had recruited donors to attend an intimate fund-raising dinner for Ms. Warren last year at Barclay Prime, a Philadelphia steakhouse where the famed cheesesteak goes for $120. (The dish includes Wagyu rib-eye, foie gras, truffled cheese whiz and a half-bottle of champagne.) He said he received a “glowing thank-you letter” from Ms. Warren afterward…

“She didn’t have any trouble taking our money the year before,” Mr. Rendell said. “All of a sudden, we were bad guys and power brokers and influence-peddlers. In 2018, we were wonderful.”