Big Dollar Democratic Donors Threaten Mutiny If Warren Wins Nomination

REUTERS/Brian Snyder

Virginia Kruta Associate Editor
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Big money Democratic donors may give Democratic Massachusetts Sen. Elizabeth Warren the cold shoulder if she runs away with the 2020 nomination.

According to a report published Thursday by CNBC, Warren’s oppositional attitude toward Wall Street could leave her high and dry in what’s sure to be a costly and hotly-contested general election against President Donald Trump.

In recent weeks, CNBC spoke to several high-dollar Democratic donors and fundraisers in the business community and found that this opinion was becoming widely shared as Warren, an outspoken critic of big banks and corporations, gains momentum against Joe Biden in the 2020 race.

“You’re in a box because, you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,’” said a senior private equity executive who declined to be named.

The Massachusetts Senator has been warned that her proposed wealth tax, not to mention her plan to force equity firms to take on the pension obligations and debts of companies they acquired, could make it difficult for her to tap into any resources she might need. (RELATED: Elizabeth Warren Rolls Out A Tax Plan On The Super Wealthy)

Warren responded to that warning by suggesting that she believed that lack of Wall Street support to be a feature rather than a bug.

Warren has long touted her focus on grassroots support and has often traded high-dollar fundraisers for four-hour selfie-lines.

And while her strategy appears to be positively impacting the polls — Warren surpassed longtime frontrunner and former Vice President Joe Biden in the Des Moines Register poll for the first time last week — it may have a decidedly negative impact on her war chest.

Another concern is the fact that if Warren can’t bring the big donors to the general election, the Democratic National Committee may not be prepared to help her over the line.

The DNC has struggled to keep donations flowing, raising $7.9 million in August compared to the Republican National Committee’s $23 million. Additionally, the RNC is sitting on a $53 million war chest while the DNC has $7.2 million in outstanding debt.