Former Secretary of State John Kerry — one of Joe Biden’s highest-profile endorsers — was overheard Sunday on the phone at a Des Moines hotel explaining what he would have to do to enter the presidential race amid “the possibility of Bernie Sanders taking down the Democratic Party — down whole.”

Sitting in the lobby restaurant of the Renaissance Savery hotel, Kerry was overheard by an NBC News analyst saying “maybe I’m f—ing deluding myself here” and explaining that in order to run, he’d have to step down from the board of Bank of America and give up his ability to make paid speeches. Kerry said donors like venture capitalist Doug Hickey would have to “raise a couple of million,” adding that such donors “now have the reality of Bernie.”

Asked about the call later on Sunday, Kerry said that he was “absolutely not” contemplating joining the Democratic primary race.