Apparently, Big Bankers are
betting hoping that not all Democrats are enemies of crony capitalism and Wall Street…yet.
Not all Democrats are calling for the heads of Wall Street bankers.
At least, that seems to be the belief of those tycoons who are willing to put their money behind these three Democrats.
“Executives at Wall Street’s biggest banks have begun throwing financial support to their early favorites in the 2020 Democratic presidential field: Joe Biden, Kamala Harris and Pete Buttigieg,” reports CNBC.
All three candidates combined to receive contributions during the second quarter from at least 15 bank executives from Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, Citigroup and Bank of America, according to Federal Election Commission records.
The donations represent just a fraction of the millions the candidates brought in during the three-month frame. Yet they provide clues about where these well-heeled donors could place their support as the campaign barrels toward the first voting contests of the season, which begin in February.
CNBC goes on to speculate why the candidates are receiving money from the Big Bankers and it all boils down to this: They are likely the least toxic and are not crazy socialists like Elizabeth Warren and Bernie Sanders.
Joe Biden comes from the state of Big Banks, Delaware and, according to CNBC his “recent policy proposals don’t mention any of the big banks or the idea of regulating the finance industry as a whole.”
Kamala Harris—despite negotiating a better-than-initially-offered settlement deal from J.P. Morgan and other banks for the mortgage crisis as California’s attorney general—is viewed by liberals as being “too restrained when going after the financial industry.”
Pete Buttigieg has youth, intellect and charisma, according to the New York Times last month.
While they’ve all slammed Wall Street on the stump, none of them have unveiled “specific policy proposals for contending with big banks and Wall Street,” notes CNBC.
Interestingly, former Goldman Sachs co-chairman and Bill Clinton’s Treasury Secretary Robert Rubin has donated a total of $8,400 to all three of the candidates.