Wall Street Democrats threaten to sit out 2020 if Warren is the nominee

Wall Street Democrats threaten to sit out 2020 if Warren is the nominee

With Elizabeth Warren surging in recent polls, some Wall Street Democrats are getting worried about what a Warren administration would mean for them. CNBC reports some donors are even talking about sitting the next election out if Warren is the nominee:

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…

“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.

Warren seems to be reveling in all of this. Earlier this month she reacted to a discussion about Wall Street’s fears of her possible presidency by saying she endorsed the message.

Portraying herself as Wall Streets’ boogeyman will certainly appeal to a certain segment of the Democratic Party. The problem with this is that campaigns do run on money and not just presidential campaigns. The DNC has been struggling to raise cash for months. While the RNC raised more than $20 million in June and again in July, the DNC raised just over $16 million in those two months combined. In August, the RNC set a fundraising record for this year bringing in $23.5 million while the DNC raised just under $8 million (and the DNC spent more than it raised last month).

Selecting Warren as the nominee may present a real challenge to turning those numbers around. Warren is set to host a major DNC fundraiser next month, so we’ll get a chance to find out if she can rake in big money despite turning off some of the party’s biggest donors.

Here’s Warren trying to define a difference between capitalism which she says she supports and “theft.”

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David Strom 8:01 AM on February 03, 2023