Are EB founders/CEOs more liberal than other segments of finance?
Was thinking about this today... are EB leaders typically more liberal/Democratic compared to the broader finance population/bankers? There's a long list of EB seniors who are highly active in Democratic party politics and are major donors:
- Peter Orszag (CEO, Lazard)
- Ralph Schlosstein (former CEO, Evercore)
- Blair Effron (founder, Centerview)
- Bruce Wasserstein (former CEO, Lazard)
- Roger Altman (founder, Evercore)
- Joseph Perella (founder, PWP)
- Paul Taubman (CEO, PJT)
What struck me is that many of these aren't just passive Democratic party supporters, but highly active in party dynamics. Peter Orszag, Ralph Schlosstein, Blair Effron, Roger Altman were/are all highly political individuals who certainly don't hide their affiliation or activities. They talk about things like voting rights, gerrymandering, the electoral college, equality, and other pure political topics in public forums. Conservative bankers like Ken Moelis are definitely not as outspoken or involved.
You can also see this in the operations of their companies: CVP and EVR have heavy focus on diversity recruiting (even ahead of publicly traded BBs, who should in theory have more pressure to adopt DEI policies). CVP hired Rahm Emmanual as an advisor, while Moelis hired Eric Cantor.
Based on previous WSO threads, it appears that many founders and CEOs of elite boutiques (EBs) are indeed more active in Democratic party politics compared to their counterparts in broader finance. Here are some notable examples:
These individuals are not just passive supporters but are highly active in party dynamics and public discussions on political topics such as voting rights, gerrymandering, the electoral college, and equality. This level of political engagement is less common among conservative bankers, who tend to be less outspoken or involved.
Additionally, the operations of their companies reflect this political inclination. For instance: - Centerview Partners (CVP) and Evercore (EVR) have a strong focus on diversity recruiting, often ahead of publicly traded bulge brackets (BBs). - CVP hired Rahm Emanuel as an advisor, while Moelis hired Eric Cantor, indicating a difference in political affiliations and advisory choices.
This trend suggests that EB leaders may indeed be more liberal and Democratic-leaning compared to the broader finance population.
Sources: From Liberal Arts to EB, boutique v BB, To those at EBs..., From Liberal Arts to EB
Well it's interesting that despite all of the influence they have, they haven't had much success in moderating the post-Obama Democratic political scene. These guys more than the BBs need the FTC out of the way for the M&A mega-deals and they just couldn't get a commitment from Kamala, rather they got her vague, populist, neo-Obama promises re: mortgage deduction for first time buyers and "go after price gougers". Will be very interesting to see where the party shifts once all the finger pointing stops, but I (and presumably most limousine liberals) would like to the see the EB Heads be successful in moderating some of the party's issues that have killed them recently, and see the party shift back to its more academic, well-spoken, and genuine core that Obama and Clinton had, rather than the iffy "Grandpa/Aunt next door" appeal of Biden/Kamala. Maybe this is all some Pete Buttigieg propaganda on the website, but would love to hear your thoughts on why you think they've been so powerless despite their outspokenness & contributions.
Most eb founders are jews..and most non orthodox jews are democrats.
This is starting to change with the antisemitic protests and chatter from the left during the Israeli war the past year as more jews are becoming based and leaving the democrats but it takes time and many voting habits are firmly entrenched l.
80% of American Jews voted for Kamala Harris, lol.
When you’re worth 9-10 figures, you have the luxury of believing in wacky things, like giving away money/housing to illegal migrants while Americans starve on the street, or terrorists really being oppressed freedom fighters, or boys playing girls’ sports.
I don't think this is related to wealth. This group is on average significantly more liberal than peer-wealth groups in PE or BB/MM IB. It's specifically EB senior leadership that leans quite lib, it seems.
insightful analysis - so you're saying the giant list of Republican billionaire donors like Ken Griffin is what, exactly? poor? or maybe the curve inverts at 10 figures and people revert back to being Conservative?
This is what we call a classic “limousine liberal”
You could always go work at Cantor Fitz, a place that rehabbed someone like Sage Kelly and multiple other questionable people (and also takes on some really bad mandates). Let Centerview and Evercore suffer from being lib and woke cause clients are giving all their mandates to Cantor amiright
People vote off different views. I vote solely on who I think will improve my financial situation (less taxes and a less regulated business environment).
Socially, I'm much more of a moderate Democrat (and I used to vote based on my social views, now I don't as I've gotten older).
Maybe my views on what I find important for voting will change again in 2028 / 2032 and onward, who knows.
They are all ulteriorly motivated in someway, just not sure how (it was sort of weird how pro-Clinton Blair Effron was in 2016)
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