Elizabeth Warren is reportedly gaining popularity in the polls against rival Democratic presidential hopeful, Joe Biden. However, a number of big-money Democratic Party Wall Street backers aren't so happy about her upsurge, CNBC reported Thursday.
The publication claims to have conducted a number of interviews with businesspeople working on Wall Street. The source says since so many have reportedly stated that if Democrats back Elizabeth Warren's efforts to become the party's presidential hopeful, they might sit out of the presidential fund-raising campaign cycle. They also allegedly said they might even back Donald Trump.
With Warren having been outspoken over her distaste for big banks and big business, even proposing a "wealth tax" as part of her campaign, it's not surprising that she isn't Wall Street's favorite person. CNBC reportedly spoke to a senior private equity executive who gave the source an interview on the basis that their anonymity would be maintained out of fear of a backlash coming from Democrat party leaders. The individual expressed frustration with the current predicament.
"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.'"Warren's wealth tax would affect around 75,000 families and raise some $2.75 trillion over a ten-year period. Her current position has been held by Elizabeth Warren long before she started using it as a strategy to garner votes in a presidential campaign. In an interview with ABC News from 2014, she said that "the game is rigged to work for those who already have money." Fast forward five years and the very policies helping her to win the favor of the American public are threatening to completely put her out of the race.
A report by MSNBC earlier this year detailed some of Warren's plans for Wall Street and big business. She would like to target practices such as acquisitions in which cash is sucked out of companies and then the rest is discarded. This action happens instead of forcing the buying company to be responsible for the debt and pension obligations of its acquisition, also adding restrictions on the amount of money dividends and bonuses executives leading the acquisition are allowed to pay themselves.
She wants to restore the Glass-Steagall Act that draws a clear line between investment and commercial banking, thus making it more difficult to profit from insider trading as well as to expose executives to greater downside risks. This will stop them from paying themselves enormous bonuses even when the business goes badly, such as we saw in the 2008 sub-prime mortgage crisis.
The news arrives in the midst of another election-meddling story regarding the accusations against Donald Trump and his recent phone call with Ukrainian president, Volodymyr Zelensky. While being interviewed by the House Intelligence Committee, covered by The Inquisitr earlier on Thursday, acting Director of National Intelligence Joseph Maguire told the committee that election meddling was the intelligence community's top priority.