Analyst: Wall Street ‘Ticked Off,’ Feels Betrayed by GOP

Analyst: Wall Street 'Ticked Off,' Feels Betrayed by GOP
Analyst: Wall Street 'Ticked Off,' Feels Betrayed by GOP

Republican candidates often rely on contributions from Wall Street to win elections and, indeed, Wall Street poured hundreds of millions of dollars into GOP coffers during the 2012 election cycle. However, according to an article in Politico on Monday, that money is not a given in the 2014 mid-term elections and Republicans are scrambling to get it back.

Host Carmen Russell-Sluchansky spoke with Politico deputy managing editor Laura McGann to learn more.


Pretty much they are ticked off. They poured a lot of money into republican coffers to get republicans to take back the Senate and take back the House and they didn’t do that. And not only they did not do that, but they have a number of other specific issues that they feel sort of betrayed by the GOP on.

Most of these guys live in NY and republicans and the House, and Senate dragged their feet on getting aid up to the state after the severe storm Sandy nearly hurt the region. They were also ticked off at the focus on social issues. It is not their issue, Wall Street is not interested in abortion and gay rights necessarily.

And last, republicans and the House and Senate let taxes go up for the richest Americans, and that’s exactly who these donors are – they are the richest Americans and they just got their taxes go up. So, that’s what their issues are.

Out of those issues it strikes me that things like letting the taxes go up on the richest Americans, obviously that was getting over partisan divide, and obviously the focus on social issues, you could say –well, that’s a divided party, but things like Sandy – could they not foresee that New Yorkers, a lot of Wall Street donors would get upset that they dragged their feet on aid?

I’m not sure what the logic was in dragging their feet on that, I mean it was something that I think even nationally was very off-putting, I mean most Americans knew about this major disaster and to see kind of partisan politicking around it was just not generally popular. So, why would it sit well with donors who live in NY – I don’t know. But it is definitely a visceral sentiment in NY amongst donorsright now.

You actually quote your article in Politico today which is titled “Will Wall Street Spurn GOP in 2014?”and obviously talks to a number of Republicans, including Senator Rob Portman who partly was charged with, it seems to recover some of this money. Do you get the impression that they really are concerned? Or maybe is it just – well, it is a little bit early, so we don’t have a reason to worry yet?

Everybody does the opposite, I mean we see Senator Rob Portman putting together PowerPoint presentation and trotting up to NY and having lunches and meetings, and one and one meetings with these donors saying – hey, here is what my plan is for 2014, I’m going to show it to you, I’m going to lay it out for you, this is what you are asking me and I’m going to answer your questions.

And this is not, although they are a little worried, there is some grumbling of Wall Street donors, it is – we are ticked off and we want you in our office on Wall Street explaining who are you going to fix this in 2014, and Republicans are responding.

So, they out there are really pushing the flesh. You article also quotes John Catsimatidis. He is a billionaire Republican who is now apparently one of the candidates running for NY City Mayor when Bloomberg finishes his term. One thing he says is like – hey, we lost NY 81 to 19. But nobody expects to get NY, right? Republicans I should say don’t exactly expect to win NY. That’s not really the serious issue, right? It is more about…

No, they are not in the vote per se, it is money, I mean this is money question. This is a sector that spends hundreds of millions of dollars to elect conservative candidates and republicans need it. I mean it is consistently one their top donor pools. So, it is not that they want to go win NY State or win NY City. It is like – we need to make sure that this important group keeps funding our campaigns.

And obviously in return, but this is the other question, Wall Street particularly needs to have people who represent their interests in NY or in Washington. So, they don’t really have another place to go necessarily, do they?

Well, they have maybe an option of buying another yacht instead of giving to a civil back. Who knows, you can spend your money on all kinds of things. The fear is not that these guys are going turn around and start funding Nancy Pelosi’s reelection bid. It is that they are not going to come out and give – that’s the issue.

You can read the original article here.

About Carmen Munir Russell-Sluchansky 360 Articles
Carmen is a multimedia journalist based in Washington, DC whose work has appeared in a variety of outlets including National Geographic, NBC News, the BBC, Asia! Magazine, The China Post, Chicago Tribune and Orlando Sentinel.