Democratic donors are losing confidence in President Joe Biden but holding their fire in fear that speaking out against him could hurt the party's chances in the November elections, according to a new report.
Some donors quietly undertook efforts to pressure Biden into leaving the race after his debate performance set off alarms about his age and acuity, but so far those efforts haven't amounted to much or alienated other contributors and Democratic operatives.
But many have spoken out against the party's aggressive defense of the president, reported the New York Times.
“Toeing this line makes us look almost, but not quite, as morally bankrupt as the Republican Party,” said Maggie Kulyk, who owns a wealth management firm and serves on the board of the Women Donors Network. “I mean, c’mon, man! Know when to say when.”
Donor coalitions might be hesitant to speak out to avoid cutting off contributions, Kulyk said, but she thinks that could quickly change.
“I don’t think the wall is very strong,” Kulyk said. “If a few voices came out, it could all come apart, and in my mind, I think that’s what needs to happen.”
Some corporate leaders and Democratic political operatives have recently called JPMorgan Chase CEO Jamie Dimon, who has previously said Donald Trump was "kind of right" about a lot of issues, to gauge his interest in seeking the Democratic nomination, but the financier has repeatedly said he would not run.
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“The most important thing President Biden — and all of us who have supported him to date — can do is prioritize the defeat of Donald Trump in this election,” said hedge fund manager Seth Klarman, a strong Biden supporter ahead of the debate who now has reportedly told fellow donors they should consider another option. “I trust President Biden, who has been a truly great president, will continue to keep this at the center of every decision about the path forward.”
Polls so far haven't reflected the sense of panic conveyed by many Democrats, but donor support will be a leading indicator of whether Biden can weather the storm – much to the chagrin of the president's team and even some donors themselves.
“To suggest that the donor community could do that is scary,” said lawyer Craig Kaplan, a Democratic donor in New York. “Money plays too much of a role in politics already.”
