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Bernie Sanders is a Wall Street slayer

UNITED STATES (OBSERVATORY NEWS) — Bernie Sanders, a favorite for the Democratic presidential nomination in November, has made Wall Street its bane. But even at the heart of New York finance, this claimed socialist has his fans, reports AFP news agency.

Riding on a favorable dynamic with his clear victory in Nevada on Saturday and several recent national polls which place him largely ahead of his rivals, the 78-year-old senator appears as the big favorite to obtain the democratic nomination and challenge Donald Trump in November.

His plan to tax the wealthy and tighten control of banks and the financial system frightens barons of New York markets, such as the former CEO of Goldman Sachs Lloyd Blankfein or fund manager Leon Cooperman, who ruled Tuesday that Bernie Sanders was more dangerous than the coronavirus for the financial markets.

Billionaire Warren Buffett told him on CNBC on Monday that he would “certainly” vote for former New York mayor Michael Bloomberg, accused by Bernie Sanders of wanting to buy the Democratic nomination with his personal fortune.

But other players in the sector enthusiastically welcome the rise of the senator from Vermont.

“I am not Lloyd Blankfein, I work in a family business and I have to pay my health bill at the end of the month,” said Wade Black, one of the founding members of investment firm Scarsdale Equities, from his office in the Rockefeller Center, in the heart of Manhattan.

For this smiling democratic democrat who claims to have turned more to the left with age, opinions on Wall Street are much more diverse than some stereotypes suggest.

“Many of the people who work there are paid workers, they are not paid like hedge fund managers. There are bank employees, administrative staff. It would be shocking if they did not reflect the diversity of opinions that exists in the United States, “he insists.

This opinion is supported by Daniel Alpert, 61, co-founder of the New York investment bank Westwood Capital.

“Wall Street has rejuvenated. We do not really know what the young people think, because they are muzzled. The older ones who remained today occupy leadership positions, but only repeat the same refrain”, describes Mr. Alpert.

The widening of inequalities, according to him, makes Bernie Sanders’ message more audible in the whole of American society, including the world of finance.

– Financial support –

There has been no survey that gives a clear idea of ​​the proportion of employees in the sector who support Mr. Sanders.

But according to the Center for Responsive Politics, which records political donations from campaign groups and individuals over $ 200, Bernie Sanders has touched $ 1.7 million in the finance, insurance and real estate sector since start of its campaign a year ago, out of a total of 108 million raised as of December 31, 2019.

A sum far from those from the same sector as received by his democratic rivals Pete Buttigieg (4.4 million) and Joe Biden (4.1 million), on a more moderate line, or Donald Trump (2.7 million).

The contributions from hedge funds, private investment groups or venture capital companies, on the other hand, are almost zero for the claimed socialist senator, claiming to depend essentially on modest donations from individuals.

Wade Black paid him “about $ 400” for Bernie Sanders’ campaign, saying he was emotionally involved when he felt the candidate was being unfairly attacked.

– Threat to the markets? –

If Bernie Sanders regularly attacks Wall Street and high finance, opposing the ruling class of the 1% to the remaining 99% of the population, its supporters in this sector do not feel targeted.

“He talks about the big investment banks, like Goldman Sachs or Bank of America. They wield immense power, even more than in 2008” during the world financial crisis, underlines Mr. Black.

In his program, Bernie Sanders proposes to dismantle these establishments, “too big to fail” and to put an end to what he calls impunity for their leaders.

For several American billionaires, this reform project and other measures in the same vein run the risk of a stock market collapse if the senator accesses the White House.

“We said the same thing for Donald Trump. The market fell the day after his election before recovering. All this is grotesque,” sweeps Dan Alpert.


This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

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