Top Morgan Stanley Wealth Manager Explains How Political Fundraising 'Really Works' and Why He Gave to Clinton

Alexandra Rosenmann
,
 AlterNet
and
 Alexandra Rosenmann
May 25, 2016

Gary Kaminsky is Morgan Stanley's vice chairman of wealth management and has donated to Hillary Clinton for years. On Wednesday, Fox News asked Kaminsky, as a contributor to the Clinton campaign, how he defended Hillary Clinton's controversies.

But Kaminsky didn't—and wanted to set the record straight about what the Wall Street donations even mean.

“Let me tell you how it really works," Kaminsky began. "In 2007, when I was at Neuberger Berman, which was at the time owned by Lehman Brothers, my phone rang and the number to a Lehman Brothers called me [and they] very rarely called me. I picked up, said ‘What can I do for you?’ He said, ‘We’re gonna have a dinner tonight over at the Russian Tea Room for Hillary Clinton. I need you to be there and I need you to write a check.'"

Kaminsky complied with the request, and today Morgan Stanley is among Hillary Clinton's top 10 donors. But Open Secrets even states that "the organizations themselves did not donate, rather the money came from the organizations' PACs, their individual members or employees or owners, and those individuals' immediate families. Organization totals include subsidiaries and affiliates."

"That’s how it really works," Kaminsky said. "Many of these people ... that are donating to the campaign aren’t donating ‘cause they believe in it or they want to believe in it. It is part of what the business is. These firms have for years supported candidates, and if you are a senior executive at the firm you’re not going to be terminated if you don’t make a contribution, but you’re certainly going to think twice about saying no.”

Watch:

Report typos and corrections to: feedback@alternet.org.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

Close
Copy link
@2021 - AlterNet Media Inc. All Rights Reserved.