Senator Elizabeth Warren is undoubtedly making a name for herself on the campaign trail here in 2020, rising into the top tier of candidates within on a matter of weeks.
Much of her success has come in the form of capturing the imagination of the younger demographics within the Democratic Party. This subsection of the liberal base is also keen on so-called “purity tests”, in which candidates are forced to prove that they aren’t just another corporately-funded oligarch in training.
Warren, along with several others in the Democratic primary race, have bolstered their “grassroots” image by taking only “small” donations from vast swaths of voters, as opposed to relying on the work of Super PACS and other corporation-adjacent entities.
That’s why the latest news from Warren’s orbit could be her downfall.
Because of her legal expertise on bankruptcy laws, Warren advised the National Bankruptcy Review Commission in 1995, acting as a “key advisor on an obscure but profoundly important section of the bankruptcy law called U.S.C. 524(g), which dealt with mass tort bankruptcies of corporations and had to do specifically with asbestos companies.” She would go on to advise companies facing such troubles and financially benefit from their legal woes. She made $212,000 by assisting insurance giant Travelers, which sought immunity from asbestos-related lawsuits, alone.
And there’s more…
Warren parlayed her experience in crafting U.S. bankruptcy laws into a highly lucrative career by consulting corporations on the laws she helped write and charging them large sums of money for her services.
“It was the ultimate Washington leverage move,” Schweizer writes.
“Warren’s legal consulting work radically contradicts the claims she makes that she is a fighter for the middle class and against corporate America,” Schweizer explains. “Indeed, she was well compensated for more than a decade providing legal testimony for corporations attempting to avoid pension obligations and paying victims.”
This is precisely the sort of reputation that could sink Warren’s hopes with midwestern moderates such as those who will be voting in the Iowa caucuses come Monday.
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