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nitpicker

(7,153 posts)
Sun Jan 27, 2019, 04:58 AM Jan 2019

Likely 2020 Dem contenders to face scrutiny over Wall Street ties

https://thehill.com/homenews/campaign/427050-likely-2020-dem-contenders-to-face-scrutiny-over-wall-street-ties

Likely 2020 Dem contenders to face scrutiny over Wall Street ties

By Michael Burke and Sylvan Lane - 01/26/19 06:57 PM EST

Ties to Wall Street and corporate interests are raising concerns about a number of high-profile Democratic candidates considering White House bids as the party moves to reduce the influence of big money in campaigns.

Sens. Cory Booker (D-N.J.) and Kirsten Gillibrand (D-N.Y.) are likely to face questions about money they’ve received from financial institutions in Wall Street, according to strategists.

Meanwhile, former Vice President Joe Biden has his own ties to banks and credit-card companies, dating back to his years in the Senate, while Sen. Kamala Harris (D-Calif.) could face scrutiny over her reluctance in 2013 to prosecute Steven Mnuchin’s OneWest Bank when she was attorney general of California.

The pushback could come as Democrats such as Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) turn to small donations to fuel campaigns, avoiding corporate donations that they, and many in the Democratic base, believe taint the electoral process.

“Here would be my warning to any candidate who's thinking about running in this environment today: This is not 2008. This is not 2012,” said Chris Kofinis, a Democratic strategist. "Because everybody is hyper aware of everything, all of a sudden what you do and who you take money from, becomes a reflection of your values much more so than ever before,” he added.

Gillibrand and Booker have cultivated strong ties to the U.S. financial sector, which is heavily concentrated in New York, and are among the Senate’s top recipients of donations from the industry, though they have often voted for legislation against the interests of the financial sector.

Gillibrand reeled in $3.2 million from the financial industry during her 2012 Senate campaign, second only to former Massachusetts GOP Sen. Scott Brown’s $5.7 million, according to the Center for Responsible Politics. That included about $90,000 each from Goldman Sachs and Morgan Stanley as well as $63,500 from Blackstone.

Gillibrand was less reliant on the industry during her reelection campaign in 2018, but still received more than $2.4 million in contributions, including from Bank of America, Morgan Stanley and Blackstone.

Booker, meanwhile, accepted $4.4 million from donors employed in financial services during his 2014 Senate campaign, more than any other Senate candidate running that year.

Among Booker’s leading contributors from the financial industry in 2014 were also Goldman Sachs, Prudential Financial, Morgan Stanley and J.P. Morgan Chase, which all gave his campaign more than $50,000 in contributions.

Booker had previously faced criticism from the left in 2012 for defending then-Republican presidential nominee Mitt Romney from attacks against Bain Capital, the private equity firm founded by Romney that former President Obama’s campaign criticized for valuing profits over employees.

“It’s nauseating to the American public,” Booker said at the time. “If you look at the totality of Bain Capital’s record, they’ve done a lot to support businesses [and] to grow businesses.”

Others candidates may also come under attack over their financial ties.
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Likely 2020 Dem contenders to face scrutiny over Wall Street ties (Original Post) nitpicker Jan 2019 OP
In my opinion nitpicker Jan 2019 #1
Sounds like the reporters may not know how to read Open Secrets data emulatorloo Jan 2019 #2

nitpicker

(7,153 posts)
1. In my opinion
Sun Jan 27, 2019, 05:01 AM
Jan 2019

Probably no one in big politics can claim to be pure driven white snow, especially since the Citizens United decision.

emulatorloo

(43,979 posts)
2. Sounds like the reporters may not know how to read Open Secrets data
Sun Jan 27, 2019, 12:25 PM
Jan 2019

And don’t understand the difference between individual employers donations and corporate pacs.

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