Let me start by stating the obvious: If you actually believe that Hillary Clinton is for the “little guy” against big business, you’re living in a dream world. Like her husband, she has spent decades courting Wall Street and they will shower her with money in the 2016 campaign (again, like they did Bill).
While the finance industry does genuinely hate Warren, the big bankers love Clinton, and by and large they badly want her to be president. Many of the rich and powerful in the financial industry—among them, Goldman Sachs CEO Lloyd Blankfein, Morgan Stanley CEO James Gorman, Tom Nides, a powerful vice chairman at Morgan Stanley, and the heads of JPMorganChase and Bank of America—consider Clinton a pragmatic problem-solver not prone to populist rhetoric. To them, she’s someone who gets the idea that we all benefit if Wall Street and American business thrive. What about her forays into fiery rhetoric? They dismiss it quickly as political maneuvers. None of them think she really means her populism.
Although Hillary Clinton has made no formal announcement of her candidacy, the consensus on Wall Street is that she is running—and running hard—and that her national organization is quickly falling into place behind the scenes. That all makes her attractive. Wall Street, above all, loves a winner, especially one who is not likely to tamper too radically with its vast money pot.
According to a wide assortment of bankers and hedge-fund managers I spoke to for this article, Clinton’s rock-solid support on Wall Street is not anything that can be dislodged based on a few seemingly off-the-cuff comments in Boston calculated to protect her left flank. (For the record, she quickly walked them back, saying she had “short-handed” her comments about the failures of trickle-down economics by suggesting, absurdly, that corporations don’t create jobs.) “I think people are very excited about Hillary,” says one Wall Street investment professional with close ties to Washington. “Most people in New York on the finance side view her as being very pragmatic. I think they have confidence that she understands how things work and that she’s not a populist.”…During the 2012 presidential election, Wall Street felt burned by Obama’s rhetoric and regulatory positions and overwhelmingly supported with their money Republican candidate Mitt Romney, co-founder of private-equity firm Bain Capital. Now, though, there’s a significant momentum back behind the Democratic contest. “The money is already behind her,” the Wall Street money manager says. “I don’t think it’s starting to line up behind her: It’s there for her if she wants it.”
Contrary to popular belief, it wasn’t George W. Bush who deregulated Wall Street, it was Bill Clinton. He was the one who signed the repeal of Glass-Steagall in 1999. That same year, he also signed a bill that forbid the Treasury Department from regulating the derivatives market, which led directly to the collapse of the real estate and mortgage industries and caused the great recession of 2008 (it was one of the last things he did as president, in December, 1999). The Clintons have spent their lives cozying up to Wall Street, no matter what populist rhetoric they may use on the campaign trail.