Wall Street investors put money behind AOC challenger to stop her re-election bid

Michelle Caruso-Cabrera, a former CNBC television journalist, will go up against AOC in New York's primary

Wall Street bankers and investors have poured money into Alexandria Ocasio-Cortez‘s primary challenger's campaign in an effort to stop the representative’s re-election bid.

The New York Democrat will face off against Michelle Caruso-Cabrera, a former CNBC television journalist, on 23 June for the state’s primary election.

Donors including Blackstone’s Stephen Schwarzman, Silver Lake Partners’ Glenn Hutchins, Firebird Capital’s James Passin, and David Solomon of Goldman Sachs have announced their support for Ms Caruso-Cabrera by donating to her campaign.

In total, the challenger, 53, has raised more than $2m in funding from a variety of bankers, lawyers, investors, and executives as she works to unseat Ms Ocasio-Cortez, 30.

Ms Ocasio-Cortez, a Democratic Socialist, became the youngest woman to ever serve in Congress after her stunning victory over the incumbent Joe Crowley in the primary.

She’s built up a following with her presence on Twitter and Instagram as well as being a vocal supporter of Bernie Sanders during his presidential bid, which he ultimately lost to former Vice President Joe Biden.

Investors and bankers choosing to back Ms Caruso-Cabrera over AOC could be influenced by the representative’s platform of increasing taxes on the wealthy and challenging large corporations.

“I wasn’t sent here to safeguard and protect profit, I was sent here to safeguard and protect people,” Ms Ocasio-Cortez said in November 2019 during a hearing over the private equity industry.

In comparison, Ms Caruso-Cabrera was a registered Republican until 2015 and has since defined herself as a “centralist”.

She wrote a book in 2010 that stated the Democrats are “out of control when it comes to spending”. It has not been revealed if Ms Caruso-Cabera still holds this belief.

“I’m pro-choice, I’m pro-same sex marriage, I’m very pro-immigrant, I am centrist for sure,” Ms Caruso-Cabrera said during a recent interview.

Democrats and Republicans have donated to her campaign, a fact that did not surprise her opponent.

“It’s not surprising that Republicans would finance the campaign of a life-long Republican in a Democratic primary,” Ms Ocasio-Cortez told the Financial Times. “While we have pushed against corporate power with policies that favour everyday working Americans, those donors prefer to bankroll a candidate who answers to Wall Street over the needs of our constituents.”

Ms Ocasio-Cortez has raised $10.5m in her re-election efforts.