$tefanik’s Donors: Elliott Management

Elise Stefanik is a very formidable candidate. She won reelection by over 30 points. She has strong ties to Paul Ryan and House Leadership. She is a rising star in her party. Republicans have high hopes for Ms. Stefanik.
What sets her apart?
Is it her platform? Many of her votes, including the healthcare vote, hurt this district. She has never really presented a core, governing philosophy that would drive positive change for the district.
Is it her understanding of the district? Ms. Stefanik only vacationed here until she wanted to run for office. Even now, she is rarely in district and rarely engages with large groups of constituents.
Ms. Stefanik is intelligent, disciplined, and a measured communicator (in a controlled setting). These traits are important for a successful candidate. But, what really sets her apart is her ability to raise money. There are few candidates from rural districts better at this than Ms. Stefanik.
I’ve written previously on her dependence on the financial services industry and how her votes on healthcare are really nothing more than an attempt to reward her wealthiest donors. But, here, I’d like us to focus on one particularly influential donor: Elliott Management.
Elliott Management is a hedge fund controlled by billionaire Paul Singer and family. Mr. Singer and Elliott Management are active donors, who, among other objectives, seek to reduce regulations on the financial industry.
Elliott Management, in the last cycle, gave nearly $750K dollars to Republican House candidates directly. It also gave money to many other Republican causes and candidates for other offices, but let’s focus on the House.
Elise Stefanik, of all members running for the House of Representatives in the last cycle, received the 2nd most money from Elliott Management (nearly $70K directly).
Elliott Management wants financial deregulation and has a lot of money to give to support that cause. Ms. Stefanik wants to raise a lot of money so that she can keep winning elections and move up the political ladder. So, naturally, Elliott Management gives Ms. Stefanik a lot of money and support and, in return, Ms. Stefanik produces a voting record that regularly rewards the wealthiest Americans, particularly those in the financial services industry.
Where do we, the residents of the 21st district, fit into all of this? We are a stepping stone for Ms. Stefanik’s future ambitions, which, I think we can safely assume, do not include living and embedding herself into this district. Ms. Stefanik wants more power and more influence. The titans of Wall Street can give her that.
Why else would Ms. Stefanik support immigration enforcement policies that hurt local dairies? Why would she support a healthcare bill that gives tax breaks to the rich while at the same time hurting working class and elderly Americans, especially those living in rural areas? Why would she stay silent as massive companies merge, forming super-conglomerates, leading to fewer consumer choices, relocation of jobs, and higher prices? Why would she vote to repeal financial reforms that were instituted to prevent a repeat of the financial crisis?
Ms. Stefanik does not hide her allegiances. Her voting record reveals a person who supports monied donors, specifically the top 1% and top .1%, while only providing lip service to the issues that actually matter to people living in the 21st. Her votes deregulate, slash taxes, and transfer wealth from the poor and middle classes to the wealthiest Americans. She’ll say that this all generates economic growth that will trickle down to regular folks. History tells us how this story ends: the accumulation and concentration of wealth into fewer and fewer hands. This kind of policy only empowers the strong and weakens the vulnerable. The rich get richer, while everyone else struggles to support their families.
It doesn’t have to be this way. All of this money only matters if we allow it to matter. We can’t be distracted by tangential issues. We need to focus on ideas, platforms, and the best interest of this district. What will bring jobs here? What will drive economic development? What will deliver better health services? How can our elderly retire in dignity? How can we educate our kids and make them competitive in a global economy?
These questions have answers. But, those answers will not be found in the checkbook of Elliott Management.