Business

Joe Manchin Raises $1 Million From Bob Kraft, Wall Street, Energy Companies

U.S. Senator Joe Manchin (D-WV) walks to the Senate floor at the U.S. Capitol in Washington, June 7, 2022.

Jonathan Ernst | Reuters

Senator Joe Manchin’s re-election campaign has raised more than $1 million in three months thanks to donations from the likes of New England Patriots owner Robert Kraft, various Wall Street leaders, and the big guys. energy giant.

That latest round of fundraising from wealthy business and corporate leaders came in the second quarter, which ended more than two weeks ago, in late June, according to Federal Election Commission filings. Donations come as Manchin, a conservative Democrat from West Virginia, gets involved in negotiations on climate change and tax legislation, which are priorities for President Joe Biden and their party.

This week, he said he would not conduct further discussions on these terms.

Manchin, in a Interview on MetroNews’ “Talkline” in West Virginia on Friday, said he wanted to withhold the party’s tax and environmental policy proposals until after the next national report on inflation data. Inflationary rose more than 9% in June.

Manchin previously rejected Biden’s more than $1 trillion climate and social spending proposal, called Building Back Better. A representative for Manchin did not respond to a request for comment.

Business and Wall Street leaders heaped praise on Manchin as he laid out his party’s agenda. He has seen a wave of donations from corporate leaders and major energy companies themselves ahead of his latest decision to block his party’s policy goals.

In May, Home Depot co-founder Ken Langone and longtime investor Stanley Druckenmiller co-hosted a meet-and-greet breakfast for Manchin, according to people briefed on the matter, who declined. name because the event is private.

Langone had previously praised Manchin about CNBC and said he would be hosting “one of the biggest fundraisers I’ve ever had for him.” Calls to Langone and Druckenmiller’s offices were not returned.

PACs for energy companies like Coterra Energy, NextEra Energy and Xcel Energy all donated to Manchin’s campaign this past quarter. Those businesses could be affected if Congress passes any climate-related bills. West Virginia produces crude oil, natural gas, and coal.

The American Council on Exploration and Production awarded Manchin’s campaign $1,700 in June. That trade association represents “the largest independent oil and gas exploration and production companies in the United States,” according to its website. The group lists oil and gas giants as members, including Hess, Chesapeake Energy and ConocoPhillips. The trade association and energy companies that sponsor Manchin’s campaign did not respond to a request for comment.

Kim Greene, CEO of Southern Company Gas, contributed at least $2,900 to Manchin’s campaign in June. A spokesman for Southern Gas Company declined to comment.

Manchin will be re-elected in 2024, the year of the next presidential campaign. His campaign’s latest filing says it has just over $9 million on hand.

Kraft, the owner of the Patriots, donated two checks for $2,900 to Manchin’s re-election campaign in May. Kraft has a net worth of just over $8 billion, according to Forbes. An individual can spend $5,800 on a campaign, with a maximum of $2,900 earmarked for a primary election account and the other half given to a general election.

His son, Patriots President Jonathan Kraft, gave the same amount to Manchin that month. A spokesman for the Patriots did not respond to a request for comment.

Paul Tudor Jones, a hedge fund manager on Wall Street, also gave Manchin two checks for $2,900 two months ago. Forbes says Jones has a net worth of about $7 billion. A spokesman for Jones declined to comment.

Warren Stephens, CEO of investment bank Stephens Inc., is also strongly supportive of Manchin’s campaign, as are many of the leaders in Blackstone and executives at Goldman Sachs. A spokesman for Stephens declined to comment.

Edward Decker, CEO of Home Depot, also contributed $2,900 to Manchin’s re-election campaign.

A spokesperson for Home Depot declined to comment.

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