There’s a new bond being forged (or shall we say reforged) on Wall Street. Politico reported this morning that Democratic Senator Chuck Schumer is reaching out to top hedge funders, like Bill Ackman of Pershing Square Capital Management, in order to rebuild a trust largely lost over the past few years.
It’s no secret why Schumer is reaching out to the industry that “that financed the 2006 and 2008 Democratic Senate campaigns,” according to Politico.
Some, like Ackman, have been receptive to Schumer’s initiatives, helping organise private dinners and other high-end fundraisers, of which there have been six, Politico reports.
But other Wall Streeters are having some trouble forgiving Schumer for slamming the industry in the recent past.
Some Wall Street executives say flatly they’ll never give campaign cash to Schumer again because of lingering resentment over the 2010 Dodd-Frank financial overhaul law. But others are coming around, reporting an uptick in bridge-building talks with Schumer in recent months.
On the other hand, Schumer has troubles of his own. The Senator can’t actually praise his Wall Street fundraisers without upsetting “the liberal base,” who has by and large denounced the practices of the financial services industry.
The party that has demonized greed on Wall Street still desperately needs its money to fund campaigns. And there are authentic ideological divisions among Democrats about how long and how hard to hit the financiers whom many voters see as the villains behind the 2008 financial crisis.
Looks like the senator can’t win with them, can’t win without them.
Business Insider Emails & Alerts
Site highlights each day to your inbox.