Politics

Financial Giants Funding Bid to Bring DNC to NYC

Goldman Sachs chairman and CEO Lloyd Blankfein and Hillary Clinton / AP

New York City Mayor Bill da Blasio announced on Friday that the city has now raised $15 million for its bid to host the 2016 Democratic National Convention, much of which has come from financial giants such as Goldman Sachs and Citi.

From the mayor's office press release:

The de Blasio Administration today announced that it has secured an additional $5 million from host committee members in support of New York City’s bid to host the 2016 Democratic National Convention, bringing the City’s fundraising total to $15 million. Today’s announcement showcases New York City’s unparalleled ability to commit substantial resources to hosting the 2016 convention in the five boroughs.

Of the $15 million, $5 million has been received, and the City has an additional $10 million in commitments from host committee members. Goldman Sachs, 1199SEIU, Condé Nast, Blackstone, Tishman Speyer and Citi are among the organizations that have contributed to the City’s convention bid. Once selected as the city to host the convention, the Host Committee will immediately convert all commitments into money in the bank to begin to organize the event.

"As a company based in New York City for 145 years, we believe it is important to support the City’s efforts to host the DNC Convention," said Goldman Sachs chairman and CEO Lloyd Blankfein. "More personally, having grown up in Brooklyn, I’m excited to showcase all the progress that will make it such a terrific venue."

Raymond McGuire, Citibank's global head of corporate and investment banking, is also member of the host committee.

Also a member of the committee is Robert Wolf, the close friend and golfing partner of President Barack Obama, whose firm 32 Advisors is second to none when it comes to connections to the Democratic party.

The announcement comes after the financial sector was the target of anger from the left. Citigroup was at the center of the liberal ire on Thursday, with Sen. Elizabeth Warren (D., Mass.) stating that "Citigroup is holding government funding hostage to ram through its government bailout provision."

"Who does Congress work for?" Warren said on the Senate floor. "Does it work for the millionaires, the billionaires, the giant companies with their armies of lobbyists and lawyers? Or does it work for all of us."

Hillary Clinton, the front runner for Democratic nomination in 2016, was paid $400,000 by Goldman Sachs late last year for giving just two speeches.