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While the GOP is known as the party of Wall Street, Democrats have always had their fair share of investment-industry royals to tap for funds.
But that support could dry up if the Democratic Party nominates Elizabeth Warren for president, CNBC reports after interviewing “several big-money Democratic donors and fundraisers in the business community.”
The problem with Warren: she favors a wealth tax, breaking up big banks and increased Wall Street regulation -- and she knows the financial industry well.
Warren was a Republican until the 1990s when her academic work as a bankruptcy-law expert led her to rethink how the economic system should function. She came up with the idea for the Consumer Financial Protection Bureau, which was created in the aftermath of the 2008 market meltdown.
The 70-year-old senator from Massachusetts has surged in the Democratic presidential polls in recent months, and she’s now leading former Vice President Joe Biden and Vermont Sen. Bernie Sanders in some surveys.
Democratic Wall Streeters are so scared of Warren that they could do more than sit out 2020’s general election, according to CNBC. They warn they might even support President Donald Trump’s re-election.
“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,’” one unnamed private-equity Master of the Universe said.
