Wall Street bankers and financial bigwigs are scaling back their donations to the Democratic Party, according to a new report from CNBC, and Sen. Elizabeth Warren (D-MA) is likely to blame.
CNBC reports that Wall Street executives have told Sen. Chuck Schumer (D-NY), the primary recipient of their largesse, that they are temporarily restricting their generosity over “their concerns with Warren becoming a front-runner in the race for the party’s presidential nomination.”
It’s a move likely to have direct consequences. Democrats want to retake the Senate and keep the House in the 2020 elections — in addition to winning back the White House — and without big money donors, major gains in either house of Congress are unlikely.
More moderate Democrats may be in deep danger, too, if they aren’t cashing Wall Street checks. Many of the Democrats who count on Wall Street money to finance their campaigns are facing primary challenges from the left, and the lack of cash on hand leaves them vulnerable to Democratic socialist candidates who can run on shoestring budgets with the help of national non-profits. – READ MORE