The Mudcat Café TM
Thread #115883 Message #3236756
Posted By: GUEST,beardedbruce
10-Oct-11 - 11:36 AM
Thread Name: BS: Popular Views: the Obama Administration
Subject: RE: BS: Popular Views: the Obama Administration
"Despite his rhetorical attacks on Wall Street, a study by the Sunlight Foundation's Influence Project shows that President Barack Obama has received more money from Wall Street than any other politician over the past 20 years, including former President George W. Bush. In 2008, Wall Street's largesse accounted for 20 percent of Obama's total take, according to Reuters. When asked by The Daily Caller to comment about President Obama's credibility when it comes to criticizing Wall Street, the White House declined to reply....
Being Wall Street's campaign cash king is hardly the image President Obama has been trying to project in public, where he has been setting himself up as the champion of the progressive Occupy Wall Street movement and as the avenger of jilted Bank of America customers. "Banks can make money," Obama said last week, responding to questions during an interview with ABC News about Bank of America's decision to levy a $5 monthly fee on debit card users. "They can succeed, the old-fashioned way, by earning it." In fact, the Sunlight Foundation, a nonpartisan watchdog group that tracks lobbyist spending and influence in both parties, found that President Obama has received more money from Bank of America than any other candidate dating back to 1991. An examination of the numbers shows that Obama took in $421,242 in campaign contributions in 2008 from Bank of America's executives, PACs and employees, which exceeded its prior record contribution of $329,761 to President George W. Bush in 2004. According to the Center for Responsive Politics, Wall Street firms also contributed more to Obama's 2008 campaign than they gave to Republican nominee John McCain. "The securities and investment industry is Obama's second largest source of bundlers, after lawyers, at least 56 individuals have raised at least $8.9 million for his campaign," Massie Ritsch wrote in a Sept. 18, 2008 entry on the Center for Responsive Politics's OpenSecrets blog. By the end of Barack Obama's 2008 campaign, executives and others connected with Wall Street firms, such as Goldman Sachs, Bank of America, Citigroup, UBS AG, JPMorgan Chase, and Morgan Stanley, poured nearly $15.8 million into his coffers. Goldman Sachs contributed slightly over $1 million to Obama's 2008 presidential campaign, compared with a little over $394,600 to the 2004 Bush campaign. Citigroup gave $736,771 to Obama in 2008, compared with $320,820 to Bush in 2004. Executives and others connected with the Swiss bank UBS AG donated $539,424 to Obama's 2008 campaign, compared with $416,950 to Bush in 2004. And JP Morgan Chase gave Obama's campaign $808,799 in 2008, but did not show up among Bush's top donors in 2004, according to the Center for Responsive Politics. Obama's close relationship with JP Morgan Chase was highlighted earlier this year when he tapped Bill Daley, a former top executive with the bank, to replace Rahm Emanuel as his chief of staff. Wall Street's generosity to Obama didn't end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama's inauguration, according to a Jan. 15, 2009 Reuters report. So far Wall Street has raised $7.2 million in the current electoral cycle for President Obama, according to the Center for Responsive Politics. Obama's 2012 Wall Street bundlers include people like Jon Corzine, former Goldman Sachs CEO and former New Jersey governor; Azita Raji, a former investment banker for JP Morgan; and Charles Myers, an executive with the investment bank Evercore Partners....