Wall Street fundraisers become wallflowers during the 2020 U.S. election
Early this year, a prominent billionaire tried several times to arrange a fundraiser for presidential candidate Pete Buttigieg, a moderate who gained favor among Wall Street Democrats.
Wealthy bigwigs who were once super-fundraisers now find themselves largely sidelined before the Nov. 3 presidential election.
The financial industry has so far donated $83 million to the 2020 presidential campaigns of Republican President Donald Trump and Democratic candidate Joe Biden, according to Center for Responsive Politics data through July 31.
“Eight years ago, we were super important. Four years ago, we were vital. And now we are not any longer as relevant or important,” said one billionaire hedge fund manager who, like most, spoke on the condition of anonymity to avoid backlash. “I’ve got tons less influence.”
Wall Street’s influence in elections is waning because its money isn't as critical because it once was as grassroots contributions soar. And a harsh political and economic climate makes politicians and bankers want to steer beyond one another.
14 September 2020