Marc Lasry says a Democratic takeover on Capitol Hill in the midterm elections could lead to a shakeup on Wall Street.
Democrats could bring chaos to the U.S. economy if they take back Congress, a top Clinton donor warned on CNBC, saying that Donald Trump’s presidency has so far been good for American business interests and growth.
Marc Lasry, a billionaire investor and longtime supporter of Hillary Clinton, told CNBC on Wednesday a Democratic takeover on Capitol Hill in the November midterm elections could lead to a shakeup in the stock market.
“If Congress shifts, you’ll have more investigations. You’ll have more issues. And from a business standpoint, I think people will then step back,” said the co-founder of Avenue Capital, a distressed asset specialist with about $9.6 billion in assets under management.
Lasry, who has fundraised for and advised the former secretary of state, told a panel on the business network that Democrats’ obsession with investigating President Trump “could lead to a shakeup in the stock market.”
Lasry said that stability between Congress and Trump led to a healthy environment for the economy.
He added that “as an American” he would like to see stability in the economy, and ongoing investigations could disrupt that economic growth, CNBC reported.
“Congress today, they seem to be supporting pretty much anything President Trump does,” Lasry said on “Squawk Box” from the eighth annual CNBC and Institutional Investor Delivering Alpha conference in New York City. “You could argue it back and forth — but for business, it’s good.”
The market seems to believe the Trump trade actions against China and Europe won’t last too long, Lasry argued.
Since he buys into companies that already have problems, he said he has not walked away from any investment opportunities due to international trade tensions.
In addition to running Avenue Capital as chairman and CEO, Lasry owns a stake in the NBA’s Milwaukee Bucks.