Wall Street Dems Freaking Out Over 2020 Candidates: ‘Maybe I Won’t Vote’

According to a report in the New York Magazine, a group of about 20 of the Democratic Party’s highest-profile donors from the financial industry sat down over dinner to discuss the roughly 20 presidential candidates in the primary field — and they’re “freaking out” about their prospects of unseating Donald Trump.

The group included liberal fundraising veterans Steven Rattner and Blair Effron, as well as Robert Rubin (Clinton administration Treasury Secretary and Goldman Sachs and Citi alum), Jane Hartley (former ambassador to France) and venture capitalist Deven Parekh, who know all of the candidates well.

The group could not come to a consensus and pick a plausible candidate they could all put their considerable money behind.

The Intelligencer piece is quite long and you can read it in full here.

Here are some of the key points:

“There’s tremendous fear,” said one banker who was there. The candidates who had long cultivated relationships with Wall Street — such as Cory Booker and Kirsten Gillibrand — were struggling to gain traction and had grown more hostile to finance as their party had, too. Joe Biden, leading in early polls, had a comforting history in the Obama White House and a reputation as an Establishment Democrat but had never, until a few months ago, maintained any meaningful relationship with Wall Street, hadn’t even announced his candidacy yet, and struck many bankers as a dubious bet to beat Donald Trump.

Nearly everyone else in the field, the financiers felt, was being pulled leftward by Bernie Sanders (the preposterously well-funded contender they considered too crazy to even imagine in the White House) and Elizabeth Warren (less crazy, Democrats on Wall Street think, and way more competent). “She would torture them,” one banker told me. “Warren strikes fear in their hearts,” explained a New York executive close to banking leaders from both parties — so much fear that such investors often speak of the U.S. senator from Massachusetts, a former law professor and consumer advocate, as a co-front-runner with Sanders. “How do we come up with an alternative?” asked one person at the dinner.

There were a few options, none perfect. Beto O’Rourke had recently launched his campaign, and his congressional record was essentially a centrist-shaped blank slate. Pete Buttigieg was a McKinsey alum who came from the Rust Belt but talked like a Silicon Valley exec or an Obama Treasury official, but no one, yet, took him seriously.

Kamala Harris was a favorite of many in the room. The U.S. senator from California now describes herself as a populist and highlighted a past confrontation with JPMorgan CEO Jamie Dimon over foreclosures in her pre-campaign book, but in 2012, as California’s attorney general, she passed on prosecuting OneWest and its CEO, Steven Mnuchin. In this cycle, she has been the Democrat perhaps most active in seeking Wall Street money (Citi vice-chairman Ray McGuire and Pine Street partner Brian Mathis are helping with her Wall Street outreach, and she recently headlined a fund-raiser hosted by LionTree CEO Aryeh Bourkoff) and occasionally its advice (BlackRock’s Michael Pyle, an Obama-administration alum, is advising her on economics). “People are generally in search of a candidate who has the right set of views, has the right character, but also can win,” Rattner told me later. “Right now, it is very hard to see who checks all three boxes.”

There was no agreement. By evening’s end, multiple donors walked away planning to write checks to three or four or five candidates — hoping they stay relatively moderate — rather than going all in on any one. Among the committed Democrats on Wall Street, this wait-and-see, as-long-as-it’s-not-Bernie-or-Elizabeth posture has become the norm.

Over coffee recently in midtown, an investment pro with a long history in Democratic politics described the struggle to resist the unexpected pull of Trump. “What matters more?” he asked, looking up at me. “My social values or my paycheck?”