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Obama: Talks Economy, But Takes Subprime Companies’ Money

By SusanUnPC on March 27, 2008 at 4:05 PM in Barack Obama, Economy, Hillary Clinton, Housing & Housing Crisis, Lobbyists

Here’s the kicker sentence from Clinton policy director Neera Tanden’s press release below, followed by a list of the top 10 issuers of subprime loans Obama has taken money from:

Today, Senator Obama gives an economy speech followed by a fundraiser at – you guessed it – one of the top 10 issuers of subprime loans in America, Credit Suisse. In fact, Senator Obama has taken more money from the top 10 issuers of subprime loans than BOTH Senator Clinton and Senator McCain …


Response from Policy Director, Neera Tanden, on Sen. Obama’s Remarks Today on the Economy

Clinton campaign policy director Neera Tanden issued the following statement in response to Senator Obama’s remarks today: “Presidents have to do more than announce principles. They have to solve problems. At a time of crisis in our financial markets, Senator Obama announced a series of broad, vague principles, while offering no new concrete solutions to provide Americans with greater confidence in the market or keep them in their homes. The contrast could not be clearer – on Monday, Senator Clinton announced a detailed, specific plan to address the housing and credit crisis. On Tuesday, Senator McCain announced that he had no plan. And today, Senator Obama offered just words.”

BACKGROUND ON SEN. OBAMA’S DAY IN NEW YORK:

On Monday, the Obama campaign responded to Hillary unveiling a comprehensive plan to deal with the housing crisis by attacking her for taking contributions connected to subprime lenders. Campaign manager David Plouffe said: “If we’re really going to crack down on the practices that caused the credit and housing crises, we’re going to need a leader who doesn’t owe those industries any favors.”

As it turns out, those were just words… Today, Senator Obama gives an economy speech followed by a fundraiser at – you guessed it – one of the top 10 issuers of subprime loans in America, Credit Suisse. In fact, Senator Obama has taken more money from the top 10 issuers of subprime loans than BOTH Senator Clinton and Senator McCain [cq.com].

- Obama has taken $1,180,103 from the top issuers of subprime loans. [cq.com]
- Obama received $266,907 from Lehman. [Cq.com]
- Obama received $5395 from GMAC. [Cq.com]
- Obama received $150,850 from Credit Suisse First Boston. [Cq.com]
- Obama received $11,250 from Countrywide. [Cq.com]
- Obama received $9052 from Washington Mutual. [Cq.com]
- Obama received $161,850 from Citigroup. [Cq.com]
- Obama received $4600 from CBASS. [Cq.com]
- Obama received $170,050 from Morgan Stanley. [Cq.com]
- Obama received $1150 from Centex. [Cq.com]
- Obama received $351,900 from Goldman Sachs. [Cq.com]

###

View all of Hillary Clinton’s press releases at her campaign site.

  • Patrick Henry

    He is looking forward to all those nieghborhood Improvement projects near and Dear to His Ah..Er..Well..Pocket book..Thats the closest thing to the VAULT some people use to have for a HEART..

  • TeakwoodKite

    Should have added the Carlye Group to this list.

  • Mary

    Well, of course.

    Those donations explain why he was UNWILLING to vote against limits on credit card interest rates (ie, the poor and cash-strapped).

    Mr. Obama’s campaign funders needed his support for being able to charge 35% and above interest.

    Mr Obama is an empty suit.

    • yttik

      “Those donations explain why he was UNWILLING to vote against limits on credit card interest rates (ie, the poor and cash-strapped).”

      That was when I really started seeing him for the bamboozler he is. His explanation for not setting limits on credit card interest was that the bill just wasn’t good enough. He didn’t want to cap it at 35% because he was just waiting for a better bill to come along.

      Something about the way he said it reminded me of one those whoppers my kids used to try and tell.

  • dofogo

    Obama and his campaign are such hypocrites. He constantly attacks Clinton for doing something and then proof shows he’s the one doing it. He’s like a little kid that tries to get his sibling in trouble for something he’s done.

    • Northwest rain

      Obama does this all the time — it’s an old ROVE trick.

      I’ve learned that if Ovomit claims Clinton is doing something — that’s a clue that Ovomit is guilty of the crime.

      What has Mrs. Obama been up to lately? Shopping, no doubt.

  • apishapa

    Is Fluffy (plouffle) on crack? How DUMB do you have to be to criticize your opponent for taking less money from subprime lenders than you do? Do they think Hillary Camp won’t notice?

    Or do they have confidence that MSM won’t notice or report this little disparity?

    There will of course be a Special Moment of HOPE declaring the big economic fluff peice “inspiring” (bestest speechification evah)and urging everyone losing a house to have “faith” in Obama. He’ll develop something after he finishes reading Hillary’s plan.

    • BernieO

      It’s not dumb when the media continually gives you a pass. Same thing happened to Gore. In one debate Bush flat out lied about supporting the Texas Patients’ Bill of Rights (he lobbied against and vetoed it) yet the media spent the following days obsessing about a minor mistake Gore had made about going on a trip to view a disaster.

    • Antigone

      They do it because they can. Who’s gonna call them on it. Certainly not the media. In Greensboro on Tuesday he told the crowd Hillary gets all her money from lobbyists while all his money comes from the little people giving ten and twenty dollar donations. Why, he said, one woman sent him a money order for three dollars!!!! See how pure I am? I’ll only be accountable to you! Just once I’d like someone to ask him about his corporate donors and bundlers. Just once.

  • apishapa

    Is Fluffy (plouffle) on crack? How DUMB do you have to be to criticize your opponent for taking less money from subprime lenders than you do? Do they think Hillary Camp won’t notice?

    Or do they have confidence that MSM won’t notice or report this little disparity?

    There will of course be a Special Moment of HOPE declaring the big economic fluff peice “inspiring” (bestest speechification evah)and urging everyone losing a house to have “faith” in Obama. He’ll “develop” something after he finishes reading Hillary’s plan.

    • AmyinSC

      So funny – I had just turned to my partner and said that Obama and his people must be SO sure that the MSM will only go so far as to report his attack dogs’ responses without looking any further that they can get away with this kind of thing.

      Sadly, that DOES seem to be the case. Like in the NY Times article the other day on the whole economic thing with the Obama Camp Claim that Clinton was using his plan – as if Obama has come up with ANY ORIGINAL PLAN OF HIS OWN without cheating off of Clinton! It was preposterous, as has been shown, and now this! But we know they’ll get away with it…

      Thanks for the laugh, though!

  • anon

    Lou Dobbs said Hillary has taken more from Subprime lenders than Obama and McCain

  • HDH

    Madame,

    Your article presents the contributions Mr. Obama has received as if they came directly from the discretionary funds of the mentioned organizations (Lehman Bros. Etc) However, this is misleading. If any politician receives money from an individual who works at one of these companies the data can be construed in this way. These are private donations from Individuals who work at the above companies. So perhaps a better logical progression would be to say that, People give Mr. Obama money because they agree with his opinions. Instead of insinuating that Mr. Obama has shaped his opinions because of what people give him. I heard him speak in February of last year, and he presented an economic standing very much in line with the speech he gave today.

  • Lyn

    I wish they would also point out
    Penny Pritzker, Obama, and the Massive Housing Crisis
    Who is Penny Pritzker?

    Pritzker is the national finance chair of Obama’s presidential campaign. She’s from one of America’s richest families, the founders of the Hyatt hotel chain, and is herself the 135th richest person in America.

    She also has an ugly history as the former chair of Superior Bank in Illinois, which (1) was created thanks to a giant S&L bailout by the government; (2) then helped invent the securitization of subprime mortgages; and (3) then collapsed in 2001 thanks to massive financial chicanery.

    http://thismodernworld.com/4222 there are alot of sites that mention it, i just grabbed the first one

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  • Melissa

    PLEASE PLEASE PLEASE get to the Pittsburgh Post Gazzette and the Pittsburgh Tribune review. Also the tv stations in and around the Pittsburgh to Eire area.
    obama has a huge TV ad campaign stating he does not take money from special interests.
    The people need to know this is a lie.
    I am just an average person and they probably won’t listen to me. Can somebody with some clout get this to the right people? The Pittsburgh newspapers are not rabid Obamaphiles.
    Thanks

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