Hillary Clinton may have vowed that she would be tough on Wall Street, but that hasn’t stopped the very shadow banks she criticized from funneling millions into her campaign fund.
Clinton has a plan to rein in shadow banks, financial companies that behave like banks but aren’t regulated like them. Private equity, hedge funds and insurance executives all fall under this category, and would be facing greater oversight under Clinton’s plan, but these same companies have given a total of $24.9 million to Clinton and the super PACs that support her.
Although Clinton has been hard on Wall Street, her positions haven’t been enough to shake criticism that she is too close to thefinancial industry. Clinton has been attacked numerous times for her speeches to Wall Street firms after her stint as Secretary of State.
Hedge fund operators have given $17.7 million to Clinton’s campaign, while Blackstone Group LP gave $151,000. Another $72,000 was given by Oaktree Capital Management LLC, and Centerbridge Partners contributed $140,000. The 20 largest banks contributed a total of $1 million to Hillary’s campaign.
But Better Markets’ CEO Dennis Kelleher saysClinton’s plan could be hard on Wall Street. “Depending on the details, her plan could hit them quite hard,” Kelleher said. Kelleher doesn’t see any reason to believe that Clinton would be swayed to take the positions Wall Street wants, despite her campaign receiving large amounts of money from the financial industry.