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Democrats Cool on Wall Street Donors, and the Feeling Is Mutual

Nov. 4, 2019, 9:00 AM

Wealthy donors have long played a central role in Democratic presidential politics: filling campaign coffers, jockeying for influence, and dispensing often unwanted advice to candidates and their staffs. But that system may be in jeopardy.

“In this primary season, a paradigm shift has taken place where grassroots donors are much more important to a candidate’s success,” says Robert Wolf, a major Wall Street fundraiser for Barack Obama who founded 32 Advisors, a strategy and investment firm. Elizabeth Warren and Bernie Sanders, both of whom have spurned donations from private, large-dollar fundraisers, together raised about $50 million in ...

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