A high-dollar Obama fundraiser who runs a consulting business that monetizes its executives’ political connections met with Vice President Joe Biden last week as he ponders a presidential run of his own.
Michael Wolf, who says he is committed to backing Hillary Clinton’s presidential bid, sat down with Biden during the vice president’s swing through New York late last week, Bloomberg reported on Monday.
They discussed reauthorizing the U.S. Export-Import Bank and spending additional federal money on infrastructure, Wolf told Bloomberg. Both of those types of government subsidies are integral to the business model of 32 Advisors, Wolf’s consulting firm.
The topics they discussed, Wolf said, ranged from the reauthorization of the Export-Import Bank to the nation's crumbling infrastructure, a focus of Wolf's consulting firm, 32 Advisors. When I asked him if Biden had declared definitively that he was running, Wolf said no. Had Biden made a plea for Wolf's support? Wolf again said no—and pointed out he was supporting Clinton. Had Wolf come away with the impression that Biden was going to run? "If he doesn't know yet," Wolf said coyly, "how would I?" […]
If Biden does decide to run, the benefits of landing Wolf would be many, some obvious and some subtle—but all perfectly clear to each party. First, having raised north of $500,000 for Obama in both 2008 and 2012, he could be a source of a great deal of campaign cash. Second, he could help Biden establish ties to Wall Street, where the V.P. has few. Third, he could be a valuable adviser on economic matters, where the priorities of the two are in sync. Fourth, Wolf's defection from the Clinton camp would be a major symbolic blow to her already reeling campaign. And fifth, given Wolf's closeness to Obama, the move would carry with it the widespread (and likely accurate) assumption that the president had blessed it.
If Wolf’s backing could advance Biden’s interests, the former chairman of UBS’s American arm could also reap some rewards from hedging his political bets by ingratiating himself with Biden even as he backs Clinton’s presidential run.
32 Advisors’ business is explicitly dependent on its political connections. It offers clients access to key Washington decision-makers that can help them secure lucrative government contracts, subsidies, or other forms of assistance.
In addition to his support of Clinton’s presidential campaign, Wolf and 32 Advisors have both donated to the Bill, Hillary, and Chelsea Clinton Foundation.