According to a new report from FoxBusiness, some “fat cat” financiers area already calling on Biden to drop out to clear a path for the deep pocketed Bloomberg.
Having both Biden and Bloomberg in the race could potentially split the moderate vote and help Bernie Sanders win the nomination.
FoxBusiness reports is it over for Uncle Joe?
Former Vice President Joe Biden is in New York City Thursday night mingling with Wall Street Democratic fundraisers who he hopes will give him enough cash to fuel his sputtering campaign and help him clinch the party’s 2020 presidential nomination. The back-to-back fundraisers are expected to gin up a solid $1 million in campaign cash
But behind the scenes, the word from the party’s fat-cat set is that the Biden campaign may already be lost despite the Wall Street C-suite names attending the events because former New York City Mayor Michael Bloomberg is poised to take sole control of the party’s moderate wing.
“I feel sorry for Biden,” said Leon Cooperman, a billionaire hedge fund investor who has supported Democrats in the past despite being critical of President Obama. “He should withdraw; he has no chance.”
Like Cooperman, these executives — who work at hedge funds, on Wall Street and in real estate — cite as evidence several factors including Biden’s poor showing in the Iowa caucus and New Hampshire primary. They say that much of the money delivered to the Biden campaign as part of Thursday fundraisers at New York City restaurants Sarabeth’s and The Wayfarer was earmarked before his big losses in Iowa and New Hampshire and that big donors have more recently pulled back.
Even more importantly, they point to the emergence of Bloomberg — well-known among the Wall Street money set since many of them are his friends. The former New York City mayor was a Wall Street trader before he started the eponymous news and financial data outfit that made him one of the richest men in America, worth an estimated $60 billion. As FOX Business was first to report, Bloomberg is planning to spend as much as $2 billion of his fortune on the 2020 campaign to either personally defeat President Trump — whom he personally loathes — or finance the Democratic nominee.
And those ad buys are working, giving Bloomberg growing confidence that he can become the party’s nominee to defeat Trump in November. After a slow start, national polls show Bloomberg gaining ground; the most recent Quinnipiac poll has him now at 15 percent nationally, as the former front-runner Biden fades to 17 percent, and Democratic socialist Bernie Sanders leads with 25 percent. Biden supporters expect Sanders’ national number to drop even after he won, albeit narrowly, in Iowa and New Hampshire because only the most progressive of the party’s base will support an avowed socialist for president who will take away private health insurance, abolish border control and put voting booths in prison.
But that may not help their man; Bloomberg’s poll numbers may rise even more as he gains endorsements from African American politicians despite his embrace of controversial policing tactics while mayor of New York City. A defection of black votes would deal a potentially fatal blow to Biden, who had strong support from this constituency because he served as President Obama’s vice president. African Americans are seen as perhaps the most crucial voting bloc in the Democratic Party.
Cooperman was one of the first money men to openly support Bloomberg, who isn’t taking outside money but has been soliciting support from key financiers. Cooperman says Sanders, despite his current front-runner status, is ultimately unelectable. “Sanders is a communist and we are not ready for a communist or socialist as president,” Cooperman said.
Bloomberg, meanwhile, could win the nomination possibly through a so-called brokered convention, where there is no clear-cut victor, when the Democratic convention in Milwaukee opens in July and delegates fight over the winner, he added. With the nomination undecided and Sanders still in the race, Bloomberg could convince enough delegates that the same policies he pushed as mayor — fiscal conservatism and advocacy for progressive laws on issues such as the environment and guns — not to mention limitless funds, will defeat Trump in the general election.