Sen. Elizabeth Warren’s once icy relationship with financiers and other top corporate executives reportedly is beginning to warm as she closes in on front-runner status in the Democratic race to unseat Donald Trump in 2020.
Numerous Wall Street Democrats “have approached key officials in the Warren camp to gauge whether they — and their money — will be welcome in the Warren coalition if she does become the Democratic nominee for president,” Fox Business Network reported, citing several Wall Street executives who have spoken with people inside Warren’s inner circle.
Warren built her political career bashing Wall Street as the embodiment of everything that is wrong with American capitalism.
The response from Warren’s advisers to Wall Street has been far different than the strident attacks that candidate Warren has made against the financial industry and corporate America in general, these people say, according to Fox Business Network’s Charles Gasparino and Lydia Moynihan.
“In fact, key Warren people are telling Wall Street executives and other corporate Democrats that the Massachusetts senator will likely moderate her harsh anti-business tone, if she gets the nomination, in order to woo some business support for the General Election. They are also saying there is wiggle room in her recent pledge to limit contributions from financial executives that will allow her campaign to tap these sources for fundraising purposes,” Gasparino and Moynihan were told.
“She has to accept money from the finance business in the general election because if she doesn’t it will be impossible for her to win,” said one senior corporate executive and Democratic Party fundraiser who has met with Warren campaign officials. “Her people told me if she beats Trump she will loosen her restrictions because they know if they don’t, it will disqualify her as the nominee. If she can’t raise enough money, she will lose to Trump easily and she could take the party down with her.”
A press representative for Warren’s campaign didn’t respond to Fox Business Network for a request for comment.
Meanwhile, billionaire Paul Tudor Jones recently joined hedge fund managers Rob Citrone and Jeff Vinik in warning that the stock market would tank over the prospect of an Elizabeth Warren presidency.
The S&P 500 Index will drop about 25% if the Democratic senator wins the 2020 election, mostly because of concern over her proposed wealth tax, Jones said Monday at the Robin Hood Investors Conference in New York, Bloomberg reported, citing people with knowledge of his presentation.
Jones, citing an internal poll at his macro hedge fund Tudor Investment Corp., also said economic growth in the U.S. would fall to 1% from estimates of more than 2% this year.
Warren, who advocates for a 2% tax on America’s richest families, “Medicare for all” and new regulations on private equity, is stoking fear on Wall Street as she’s gained momentum in a huge field of candidates for the Democratic nomination.
Macro hedge fund manager Citrone, who runs the $2.5 billion Discovery Capital Management, said last week that she could send the market down 10% and 20% if she’s leading the way into the February primaries.
Vinik, who rose to fame as the manager of the Fidelity Magellan fund, told Bloomberg that if Warren’s candidacy keeps gaining momentum, “the market is going to have a lot of agita” -- which could be a buying opportunity.
Her self-described “democratic socialist” opponent, Bernie Sanders, would cause the markets to tumble about 20%, Jones said. Warren’s more centrist opponents for the nomination Joe Biden, Pete Buttigieg and Amy Klobuchar would drag down the market by around 10%, he told the audience.
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