U.S. Sen. Elizabeth Warren (D-Mass.) has long been known to come down hard on Wall Street firms, keep the financial services industry accountable and express her investor protection slant. (Her state’s securities regulator, William Galvin, is considered one of the toughest cops in the nation.)
Yet, a recent analysis by Vox reporter Emily Stewart found that many Wall Streeters do, in fact, like Warren. She spoke with more than three dozen people across the industry, including financial advisors, that support Warren for president.
These folks agree with Warren that certain aspects of their industry should change, and they subscribe to her version of capitalism.
“An investment advisor said he was doing right by his clients but his competitors were engaging in behavior he considers ‘borderline criminal,’” Stewart writes.
These folks also don’t believe Warren would cause the markets to plunge. Long term, they think she’ll be good for the markets and economy overall. They’re thinking about their children and the future of the nation’s society, and they see Warren as bringing us forward.
“They know if she lands in the White House that may make their jobs a bit different, their companies a little less lucrative, or mean they’ll pay more in taxes. And they think that’s great. They support Warren because of her policies, not in spite of them,” Vox says.
The article rightly points out that Warren’s wealth tax on the superrich won’t impact a large portion of Wall Street. The average person on Wall Street is down on the ladder, struggling to even get a raise or year-end bonus.
“There are a lot of people who might envision themselves as the real-life Gordon Gekko, but very few actually get there,” Stewart writes.