New York Gov. Andrew Cuomo may lose essential monetary backing as he faces an independent investigation into sexual harassment allegations from two former aides.
Fundraisers and donors told CNBC they’re pausing and reevaluating their assist of Cuomo, who has mentioned he can be searching for a fourth time period when he’s up for reelection subsequent yr.
“Nobody is giving to him now. Every part is on maintain,” one finance govt instructed the outlet.
The highly effective Democrat’s marketing campaign has raised greater than $four million since July, and began 2021 with a battle chest of $16 million.
However a number of Wall Road executives near Cuomo donors and bundlers instructed the community that efforts to lift funds have both halted or are being rethought amid the allegations.
“They’re in a wait-and-see mode, which means not writing a examine now but in addition not keen to fully minimize him off but,” one particular person instructed the outlet.
“f this blows over, they don’t wish to have gotten on the incorrect facet of the governor,” the supply added.
New York businessman Bernard Schwartz, who has given $70,000 to Cuomo’s marketing campaign since 2019, mentioned the governor could not deserve one other time period.
“Until he comes ahead and faces it fully and brazenly and actually, he doesn’t deserve a fourth time period, regardless that I like him immensely,” Schwartz instructed CNBC.
“I feel individuals who like him and have been with him for a very long time are scratching their heads asking, how did he put himself in that place,” he added.
However billionaire enterprise mogul John Catsimatidis, who gave $10,000 to Cuomo’s marketing campaign in 2018, instructed The Put up he isn’t bailing on the gov simply but.
“Cuomo has explaining to do however we should always give him an opportunity to show his innocence,” Catsimatidis mentioned.
“The folks I speak to [say] there’s a greater probability of Cuomo surviving this than not.”
Nonetheless, the Cuomo marketing campaign probably received’t be asking for donations till the mud settles, mentioned Kathry Wylde, CEO of the Partnership for New York Metropolis, which reps most of the Large Apple’s donor-rich monetary providers companies and enterprise moguls.
“I doubt contributors have had a possibility to digest the scenario,” Wylde instructed The Put up.
“However it could be shocking if the governor is soliciting marketing campaign donations till the investigation of the sexual harassment accusations is accomplished.”
In the meantime, companies who backed Cuomo in 2018 — together with AT&T, Comcast, Citigroup, JP Morgan and Financial institution of America — probably received’t push again on him instantly, insiders mentioned.
“Many of those companies are situated in New York and have pursuits in New York and they’re going to probably stand with the governor as a result of it’s of their pursuits to take action,” Democratic political strategist Hank Sheinkopf instructed CNBC.