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Date TimeJuly 09, 2019
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Billionaire Steyer Enters 2020 Democratic Race: Campaign Update
(Bloomberg) -- Tom Steyer, the billionaire hedge fund manager turned liberal activist, announced Tuesday he is entering the crowded race for the 2020 Democratic presidential nomination.Steyer, who has been focused on impeaching President Donald Trump, announced his candidacy in a video message. He said he was running because Americans “think the system has left them.”Steyer, 62, hinted at a run a 2020 run early this year, but showed up in Des Moines, Iowa, in January only to announce he had decided against it.The billionaire said Tuesday that corporations have bought the U.S.’s democracy and “politicians don’t care and don’t respect” citizens. The aim of his campaign would be “to make democracy work by pushing power down to the people.”Steyer poured $120 million into the 2018 midterms through two of his organizations, Need To Impeach and NextGen America, one aimed at turning out young voters and fighting climate change and the other pushing Trump’s impeachment. Both helped him raise a national profile.A voice-over to the announcement video says Steyer and his wife are “worth an estimated billion and a half dollars.” Bloomberg data show his net worth at $3.1 billion. His campaign debut video does not mention impeachment, but it does feature shots of Trump as well as his former lawyer Paul Manaford in handcuffs.The country is working for “a few very very rich people, and everybody else living in misery,” Steyer says in the video. Several other Democratic presidential candidates, including Elizabeth Warren, Bernie Sanders and Pete Buttigieg, have been running on similar messages.Steyer won’t be unfamiliar to Iowa caucus-goers. Need to Impeach PAC has spent more on television airtime there than every other Democratic candidate combined, and the commercials often feature Steyer himself directly arguing for Trump’s removal from office.McConnell Challenged by Fighter Pilot in 2020 (7:46 a.m.)Senate Majority Leader Mitch McConnell faces his highest-profile challenge yet, with former Marine fighter pilot Amy McGrath announcing she’ll seek to unseat the Kentucky Republican next year in what is sure to be an expensive campaign.McGrath, who raised millions in an unsuccessful effort to win a House seat last year, said McConnell “bit by bit, year by year, turned Washington into something we all despise.”“I’m running for Senate because it shouldn’t be like this,” she said in an announcement video.McGrath was the Democratic nominee against Republican Representative Andy Barr in 2018, losing 51% to 48% in a district President Donald Trump won 55% to 39% in 2016. McConnell was re-elected with 56% of votes in 2014 against Democrat Alison Lundergan Grimes, who got 41%.Trump won the state by 30 points in 2016 and he remains popular there, but polls have shown McConnell to be much less popular. McGrath focused her fire in her three-minute announcement video on McConnell, not Trump. -- Steven T. DennisHow ‘Middle Class Joe’ Biden Made Millions (6 a.m.)Joe Biden has long told voters he was just a regular guy who shared their struggles. But the expected release of his most recent financial disclosures on Tuesday could paint a very different picture of “Middle Class Joe.”The filings will give some details of how much the former vice president has earned since leaving office after four decades of public service.The Bidens left the vice president’s residence in Washington with assets worth no more than $1.1 million, and perhaps as little as $303,028, according to the financial disclosure form he filed in January 2017. Officials and candidates disclose the value of their assets, their incomes and obligations in broad ranges.Life after government can be lucrative for former high-ranking officials, and Biden has been no exception. In April 2017, he signed an $8 million, three-book deal, including one co-written with his wife, Jill Biden, according to Publishers Weekly. He also gave dozens of paid speeches, with some of the fees amounting to $200,000 for a single appearance, according to the Washington Post.Biden’s campaign hasn’t disclosed who paid him to give speeches but said he’s delivered fewer than 50 since leaving office.But the engagements could become a campaign issue. Both Vermont Senator Bernie Sanders and then-candidate Donald Trump assailed Hillary Clinton in the 2016 race for lucrative appearances at Goldman Sachs Group Inc. events, and speeches to other elite institutions.Filers don’t have to disclose the value of their residences, but do list residential loans. According to his last disclosure, the Bidens owed between $560,006 and $1.2 million, the bulk of which were a mortgage and home equity line of credit.Biden will file his financial disclosure form with the Federal Election Commission unless he requests a second 45-day extension. He was originally due to file the form on May 25.His campaign declined to comment. -- Bill AllisonComing Up Tuesday:Most of the Democratic presidential candidates are off the trail. Senator Kirsten Gillibrand will be in New Hampshire; Montana Governor Steve Bullock will be in Iowa.Here’s What Happened Monday:California Representative Eric Swalwell announced that he’s exiting the presidential contest and will be seeking re-election to his House seat. The congressman, who focused his campaign on toughening gun control, dropped out after just three months.Senator Elizabeth Warren of Massachusetts moved into third place in the Democratic presidential money race, giving further proof of her momentum as she rises in the polls. Her campaign manager, Roger Lau, said Warren had raised $19.1 million in the second quarter of 2019, trailing Mayor Pete Buttigieg of South Bend, Indiana, and Biden, but ahead of Sanders. Warren was in fifth place in the first quarter. The second- quarter funds came from 384,000 people, who made more than 683,000 donations, with the average contribution amount of $28, Lau said. More than 80% of the donors gave for the first time in the last three months, he added.\--With assistance from Bill Allison, Greg Giroux, Kasia Klimasinska, Steven T. Dennis and Gregory Korte.To contact the reporter on this story: Misyrlena Egkolfopoulou in Washington at megkolfopoul@bloomberg.netTo contact the editors responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net, Max BerleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.




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