NEW YORK -- As Wall Street donors arrived at a fundraiser for Joe Biden at a midtown Manhattan restaurant earlier this year, campaign staff members asked if they wanted to sign up for pictures with the candidate. More than a few of the bankers and private-equity investors politely declined, opting to
NEW YORK — As Wall Street donors arrived at a fundraiser for Joe Biden at a midtown Manhattan restaurant earlier this year, campaign staff members asked if they wanted to sign up for pictures with the candidate. More than a few of the bankers and private-equity investors politely declined, opting to mingle over glasses of wine instead.
More and more finance professionals, they say, appear to be sidelining their concerns about Biden’s age — 77 — and his style. They are surprisingly unperturbed at the likelihood of his raising their taxes and stiffening oversight of their industry. In return, they welcome the more seasoned and methodical presidency they believe he could bring.
But Wall Street money has proved to be a double-edged sword for Democrats, as Hillary Clinton discovered when she was hounded four years ago for delivering private speeches to Goldman Sachs and other firms. Progressive voters and activists — many of whom backed Biden’s more liberal rivals in the primary — are particularly leery of any appearance of coziness with the finance industry.
It does not hurt that Biden has also not crusaded against Wall Street, the way his primary rivals Elizabeth Warren and Bernie Sanders did. Financial executives mostly seem to believe that while their taxes would rise in a Biden administration, they would not be subjected to the kind of “fat cat” rhetoric that soured some of their relationships with former President Barack Obama.
While Wall Street financiers tend to be more socially liberal, they have collectively swung back and forth between parties. Data from the Center for Responsive Politics show the securities and investment community donating more to President George W. Bush in 2004, and then to Obama in 2008, and then to Mitt Romney in 2012, followed by Clinton in 2016, than to their respective presidential rivals.
In one call last month, two of Biden’s top advisers on financial policy, Ben Harris and Jake Sullivan, led a wide-ranging conversation to preview the candidate’s economic plan, which focuses on broad policy initiatives like investing in green infrastructure projects and minority-owned businesses. Two former Treasury secretaries, Robert E. Rubin and Jacob J. Lew, were part of the call.
At a July meeting with campaign staffers and a handful of Wall Street participants, Charles Phillips, chairman of the software company Infor and a onetime Morgan Stanley tech analyst, argued that Biden should not make huge expenditures on infrastructure and other new programs without also identifying spending cuts.
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