Wall Street to Hillary about Warren VP possibility: Nice little government you have here. It’d be a shame if anything happened to it.
There’s been some hubbub about Hillary Clinton’s V.P. pick. The one everyone’s wondering about and the one that has resulted in both applause and outrage from voters is a potential that Hillary Clinton might tap Elizabeth Warren for the slot. The Bernie people should be thrilled, as Warren has been a strong advocate for consumers and the average working folk.
Warren has not made her feelings about Wall Street unknown. She’s for stronger regulations and has even called for breaking up the big banks. She’s the fairy godmother of the Consumer Financial Protection Bureau (CFPB), which is exactly what it sounds like it is. The first of its kind government agency created to protect consumers. She’s so hated by republicans, the banks, and Wall Street that, despite the agency being her baby, Obama was forced to appoint someone other than her to run it.
Wall Street hates her so much that they approached Clinton when they got the first whiff of the possibility of a Clinton-Warren ticket.
According to an article by Ben White over at CNBC, “Wall Street has an unambiguous message for Hillary Clinton: Don’t pick Elizabeth Warren as your vice president if you want to keep getting our money.”
“That warning came through very clearly in over a dozen interviews I did over the last week with some of the largest Democratic donors on Wall Street who have helped fund Clinton’s campaigns over the years as well as funneled cash to Bill Clinton’s political career in the 1990s,” White writes.
One top Democratic donor who has helped raise millions for Clinton told White, “If Clinton picked Warren, her whole base on Wall Street would leave her. They would literally just say, ‘We have no qualms with you moving left, we understand all the things you’ve had to do because of Bernie Sanders, but if you are going there with Warren, we just can’t trust you, you’ve killed it.’”
The arguments, of course, are completely selfish and self-serving. The financial services industry hates Warren, who more than anyone in the last 80 years has channeled the rage against Wall Street that began with the Great Depression and continues to course through the nation following the 2008 financial crisis.
According to the Center for Responsive Politics, Clinton and outside groups supporting her have raised $289 million in the 2016 campaign so far. The securities and investment industry — Clinton’s top source of money – has donated over $28 million to her campaign.
It’s got to be a tough decision for Clinton. On one hand she has voters and Bernie supporters, whom she desperately needs, and Warren could lure them over. On the other hand, she has Wall Street and all their money. Not just to her campaign, but to Republican lawmakers as well. Not choosing Warren could make Clinton appear to be in the pocket of Big Money, and choosing her could make her an enemy of Wall Street.
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