NYT: As Warren Gains in Race, Wall Street Sounds the Alarm

[crazytown]

As Warren Gains in Race, Wall Street Sounds the Alarm

(snip) From corporate boardrooms to breakfast meetings, investor conferences to charity galas, Ms. Warren’s rise in the Democratic primary polls is rattling bankers, investors and their affluent clients, who see in the Massachusetts senator a formidable opponent who could damage not only their industry but their way of life.

It’s a role that Ms. Warren unabashedly embraces, as an increasing number of voters, as well as a few veterans of the finance industry, see her as the policymaker who can address the growing wealth gap in the United States and take on the corruption and excess in the business world.

Ms. Warren has made battling corporate greed and corruption a central theme of her fiercely populist campaign, mixing anti-elitist oratory with policy plans calling for sweeping new regulations. On Friday morning she released an ambitious proposal to pay for her “Medicare for all” program, with provisions directly affecting Wall Street: aggressive new taxes on billionaires, an additional tax on financial transactions like stock trades and annual investment gains taxes for the wealthiest households.

Interviews with more than two dozen hedge-fund managers, private-equity and bank officials, analysts and lobbyists made clear that Ms. Warren has stirred more alarm than any other Democratic candidate. (Senator Bernie Sanders, who describes himself as a socialist, is also feared, but is considered less likely to capture the nomination.)

Wall Street has long tried to influence American politics and generally donated to both parties, though it traditionally has been more aligned with Republicans. But while there’s no coordinated strategy, the industry is more or less united against Ms. Warren. With just months before the first voting begins, it is unleashing a barrage of public attacks, donating money to her rivals and scrambling to counter her blistering narrative about Wall Street.

“Everyone is nervous,” said Steven Rattner, a prominent Democratic donor who manages the wealth of Michael R. Bloomberg, the former New York City mayor. “What scares the hell out of me is the way she would fundamentally change our free-enterprise system.”

https://www.nytimes.com/2019/11/04/us/politics/elizabeth-warren-wall-street.html

Wall Street is particularly unhappy with worker representation on corporate boards (the German model), private equity firms having to honor pension fund liabilities, and the restrictions / taxation of lobbying.

The industry was more or less united in their opposition to FDR as well. When you are focussed on quarterly results, the longer term viability of capitalism and democracy is a 3rd order issue.

Note: Ms. Warren rather than Senator Warren.

[Turbineguy]

1. Looting and pillaging in trouble!

[crazytown]

2. Where's Bain Capital when you don't need them. eom

[snowybirdie]

3. Those working on

Wall St who care about this are part of the 1%! The regular workers doing the real work there, schlepping to and from there on mass transportation, are part of the rest of the 99%. Math! GOTV!

[Me.]

4. They Can 'Get Over It'

[LeftTurn3623]

5. This is why I love her

[InAbLuEsTaTe]

6. Red Alert!! Red Alert!! Great sign for Elizabeth... for Joe, not so much.

Bernie/Elizabeth or Elizabeth/Bernie 2020!!
Either way, they're stronger together!!
Welcome to the revolution!!!

[crazytown]

7. Look for a lot of Wall Street money going into 'Unite The Country'

and the Super PAC going negative against fellow Democrats, notwithstanding promises to the contrary..

[InAbLuEsTaTe]

8. EXACTAMUNDO!!! Another reason Biden is on a downslide, from which he cannot recover.

Bernie/Elizabeth or Elizabeth/Bernie 2020!!
Either way, they're stronger together!!
Welcome to the revolution!!!

[crazytown]

9. I've read in Reddit Bernie forums that Wall Street would prefer Elizabeth.

I really don't think they want either one of them.

[InAbLuEsTaTe]

10. Hell no, Wall Street doesn't want Elizabeth (or Bernie)... which is a GREAT sign!!

Wall Street prefers Joe over Elizabeth... what does that tell you?! (Hint: we're winning!!!)


Bernie/Elizabeth or Elizabeth/Bernie 2020!!
Either way, they're stronger together!!
Welcome to the revolution!!!