— from Robert Reich’s Substack
Friends,
The statements seem as belligerent as Pete Hegseth on a bad hair day.
“We are preparing for the next war that is coming,” says Jonathan Cowan.
Cowan is president of Third Way, described by The New York Times as a “leading centrist Democratic group.” Cowan’s Third Way is preparing a $15 million war chest to “discredit democratic socialism.”
Pointing to Dr. Abdul El-Sayed’s victory in the Michigan Senate primary last week, Cowan warns that “it is deeply troubling to see radical, far-left candidates winning in places that are potential presidential swing states.”
Well, I find it deeply troubling that faux centrist groups are declaring war on progressives in the pages of The New York Times, without the Times revealing who they really are.
If you bother to look at the funding sources of Third Way — those that have been made public, that is (Third Way is structured as a 501(c)(4) social welfare organization that’s not legally required to publicly disclose its donors) — you’ll find a Star Wars cantina of billionaire megadonors, Fortune 500 CEOs, corporate dark money bundlers, and giant corporations.
Odd that The New York Times chooses to describe Third Way as a “leading Democratic centrist group” without revealing that it’s simply a Trojan Horse for corporate America.
Third Way senior vice president Matt Bennett has even conceded that “the majority” of Third Way’s donor support comes from the group’s board of trustees, most of whom are from the finance sector. (That’s the same Matt Bennett, by the way, who helped stage the infamous “Dukakis in a tank” photo-op that helped sink Dukakis’s 1988 presidential campaign.)
Here’s Third Way’s Board of Trustees (the most recent list available):
- Jonathan Vogelstein, chairman of New Providence Asset Management and senior advisor to private equity firm Warburg Pincus.
- David Heller, formerly global head of equity trading for Goldman Sachs.
- Bernard Schwartz (chairman emeritus), chairman and CEO of BLS Investments.
- David Horvitz, chairman of the board and CEO of SouthOcean Capital Partners, LLC and SouthOcean Investment Partners, LLC.
- David Coulter, managing director and senior advisor at Warburg Pincus, focusing on the firm’s financial services practice, and former vice chair of JPMorganChase.
- William Daley, vice chairman of Bank of New York Mellon, former vice chairman of JPMorganChase, former board member of pharmaceutical companies Abbott Labs and Merck.
- John Dyson, chairman of Millbrook Capital Management, Inc. (MCM), a private investment firm that manages a manufacturing company, a vineyard and wine group, and a hedge fund.
- Michael Edwards, deputy CIO of investment adviser Weiss Multi-Strategy Advisors.
- Andrew Feldstein, CEO and Co-CIO of BlueMountain Capital Management, board member of PNC Financial Services Group, former managing director of JPMorganChase.
- Brian Frank, founder and managing partner of Declaration Partners LP, an investment firm seeded by the founder of a large private equity firm.
- David Greenwald, chairman of finance law firm Fried Frank, former international general counsel and a deputy general counsel of Goldman Sachs.
- Derek Kaufman, former head of global fixed income at Citadel and a member of the firm’s Portfolio Committee, former managing director at JPMorganChase.
- Derek Kirkland, managing director and co-head of the Global Financial Institutions Group at Morgan Stanley’s Financial Institutions Group in Investment Banking.
- Doug Lawrence, CEO of DPL Green Investment and also managing principal and co-founder of 5 Stone Green Capital, formerly a managing director at JPMorganChase.
- Joseph Zimlich, CEO of private family financial manager the Bohemian Group, board member of First Western Trust Bank.
- Mark Spilker, founding member of GPS Investment Partners LLC, chairman of Chiron Investment Management LLC, former co-head of Goldman Sachs’s Investment Management Division, former president of Apollo Global Management, former member of Google’s Investment Advisory Committee.
- Barbara Manfrey Vogelstein, former venture capitalist, former partner at Warburg Pincus and Apax Partners & Co. Ventures.
- William Reeves, co-founder of BlueCrest Capital Management, former managing director at JPMorganChase.
Oh, and Third Way’s honorary co-chairs have included West Virginia’s former Sen. Joe Manchin and Arizona’s former Sen. Kyrsten Sinema. Enough said about its governing structure.
In 2020, Third Way claimed that Bernie Sanders’s Medicare for All plan would add more than $13 trillion to the federal deficit, although most other analyses — including one by the Koch-funded Mercatus Center — found that Sanders’s plan would save trillions while providing healthcare to millions of uninsured Americans.
Well, of course Third Way attacked Bernie’s plan. Among Third Way’s donors are pharmaceutical giant Amgen, pharmacy benefit manager CVS Health (which acquired health insurance giant Aetna in late 2018), and health products and drug company Baxter International.
Other corporate donors to Third Way are or have been members of the GOP-aligned American Legislative Exchange Council (ALEC), a corporate bill mill that links lobbyists with state lawmakers. Amgen, Baxter Healthcare, CVS Caremark, DuPont, and trade groups the Consumer Technology Association and NCTA – The Internet and Television Association are members.
Third Way donors have also given money to the Republican Attorneys General Association, which helps elect Republicans who fight federal environmental and other regulations. Among them, Entergy, Facebook, Google, and Reynolds American, according to tax records.
Christopher Leonard, author of Kochland, revealed that Koch Industries secretly funded a report by Third Way intended to promote the Republican free trade agenda to Democrats.
After the Democrats’ 2024 election losses, Third Way argued that the party should reduce its dependence on small-dollar donors. In a five-page memo of “takeaways” from the election, Third Way asserted that small-dollar donors’ preferences “may not align with the broader electorate.”
The memo stopped short of naming alternative funding sources, but the implication was clear: Less grassroots support means more reliance on big checks from super PACs and wealthy donors, which is exactly what Third Way prefers.
The memo also included calls to curb “far-left influence,” adopt a “pro-capitalist” stance, and stop “demonizing wealth and corporations.”
* * *
So, please, disregard whatever you may hear from Third Way or any other so-called “leading Democratic centrist group.”
And pay no attention to headlines about “Democratic centrists preparing for war” against a “rising Left.”
Instead, focus on what’s really happening.
Voters want people in power who are going to fight for them, and not for the super-wealthy or big corporations and Wall Street.
This is especially true now — when the bottom 90 percent of Americans are struggling to pay the bills, a record portion of the nation’s wealth is in the hands of the richest one-tenth of one percent, big corporations and Wall Street have never been as powerful, Washington has been taken over by legalized bribery and corruption, and there’s no “center” between democracy and neofascism.
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