RSS Feed for This PostCurrent Article

President Obama Not Owning Up to His Wall Street Donations

President Obama and the Democratic Party are now going to attempt to “regulate” Wall Street. I have the feeling it will be handled much like they “regulated” health care – with insurance companies writing the bulk of the bill. So will Goldman Sachs et al be writing this one? In the interest of image management as he takes on this latest mess, Mr. Obama is once again attempting to come across as a man of the people with his latest whopper:

“The vast majority of the money I got was from small donors all across the country.”

– Barack Obama on Wednesday, April 21st, 2010 interview with CNBC’s John Harwood

“Vast majority.” According to Politifact, the Truth-O-Meter Says: FALSE!!!!

Obama campaign financed by large donors, too.

More of CNBC’s John Harwood and his interview with the President:

“In the 2008 campaign, you got a lot of money, about $1 million from employees of Goldman Sachs,” Harwood said. “Your former White House counsel Greg Craig is apparently going to represent Goldman Sachs. In light of this case, do either of those things embarrass you?”

“No,” Obama said. “First of all, I got a lot of money from a lot of people. And the vast majority of the money I got was from small donors all across the country. And moreover, anybody who gave me money during the course of my campaign knew that I was on record again in 2007, and 2008, pushing very strongly that we needed to reform how Wall Street did business. And so, nobody should be surprised in the position that I’m taking now because it is one that I was very clear about in the course of the campaign.”

Clearly, nothing embarrasses President Obama because he sort of made it up as he went along on the campaign trail and nary a soul in the media called him out on it.

Politifact pointed out the evidence didn’t back up Mr. Obama’s statement. More important, he got more from Wall Street than any other candidate. The public records bears this out:

While Obama got more money from small donors than his opponents, they did not account for the majority of his funds.

[snip]

In the general election, Obama got about 34 percent of his individual donations from small donors, people who gave $200 or less, according to a report from the Campaign Finance Institute. Another 23 percent of donations came from people who gave between $201 and $999, and another 42 percent from people who gave $1,000 or more.

His numbers for the primary were similar….

These numbers were compiled by the nonpartisan Campaign Finance Institute, and included in a report Reform in an Age of Networked Campaigns, which was published jointly with the Brookings Institution and the American Enterprise Institute.

During the campaign, Obama ended up opting out of the public financing system for presidential candidates, because the system limits how much money candidates can raise, and Obama realized he could raise much more money outside of the system.

Well, he did more than “opt-out” – he backed out of a written promise he made to take public financing.

…John Harwood, was correct when he said Obama got about $1 million from employees of Goldman Sachs; the nonpartisan Center for Responsive Politics puts the number at $994,795.

A topic for newsroom and pundit chatter this week has been the peculiar timing of the investigation of Goldman Sachs given the administration’s push for Wall Street regulation.

Another article, Goldman’s White House Connection Raises Eyebrows, reported:

Several former Goldman executives hold senior positions in the Obama administration, including Gary Gensler, the chairman of the Commodity Futures Trading Commission; Mark Patterson, a former Goldman lobbyist who is chief of staff to Treasury Secretary Timothy Geithner; and Robert Hormats, the undersecretary of state for economic, energy and agricultural affairs.

Jacobs of the University of Minnesota said that the administration now risks “kind of a feeding frenzy.”

“The administration has to be very careful,” he said, “because . . . they’re seen as the ones who bailed out Wall Street. If there are indications that the administration was talking to regulators or to Justice Department people about when and how Goldman or other firms would be investigated, I think that’s going to create almost a mob scene.”

And now we also know the CEO of Goldman Sachs has visited the White House several times. President Obama seems to enjoy railing against the very groups he likes making deals with behind closed doors. It would be nice if he acknowledged he is a lot more banker-friendly than he lets on.

  • Morph

    Republicans may lose the fight over Wall Street regulations, but the fight has helped their campaign accounts.
    For the first time since 2004, the biggest Wall Street firms are now giving most of their campaign donations to Republicans.
    massage therapist insurance

  • TeakWoodKite

    Ani, I am constantly fasinated by the macinations of those who serve two masters, yet must choose. If Craig had / has a grudge it will be interesting what discovery documents he would request from the feds.

    I read that this investigation was 18 months in the making, which puts him in OLC  and if not directly, indirectly knew of the goings on with GS.
    Having been an investment banker from Chicago, Craig also has some historic “insights” when it come to the money scene in Chicago when BO was a state senator.

    Then again, it could be a three ring circus where the clowns alternate acts in the big aluminum foil tent.

  • politicsisdirty

    How is Hope and Change working out for you obots?

  • TeakWoodKite

    ( In the voice of Ron Weasley) Bloody brilliant, oowawa..

    Onofre’s Arm…that one is like”The Bride of Chucky”, not that I can’t stomach horror flicks….

  • TeakWoodKite

    There you go again FF, quoting Nesweek 2nd hand from HufBO.

  • TeakWoodKite

    FF, Read this speech Adolf gave
    SPEECH DELIVERED IN THE GERMAN REICHSTAG ON JANUARY 30TH 1937

     (2) It is out of the question to think that such a revolutionary reconstruction could be carried out by those who are the custodians and the more or less responsible representatives of the old regime, or by the political organizations founded under the old form of the Constitution. Nor would it be possible to bring this about by collaborating with these institutions, but only by establishing a new movement which will fight against them for the purpose of carrying through a radical reformation in political, cultural and economic life. And this fight will have to be undertaken even at the sacrifice of life and blood, if that should be necessary.

    Sound familar?

  • Retired

    Obama is bought and he’s going to stay bought.  He knows how to win elections, and it isn’t through public financing.  It’s by going to corporate America and cutting deals at the expense of the common folk.  That’s what he did on healthcare, and that’s what he’s going to do on Wall Street.
    But the SEC will get cut in, too.  That Federal regualtion on not accessing porn sites from government computers?  Gone.

  • karen for Clinton

    I didn’t know the soundtrack had been cut out.  Figures.  Hillary gets to keep none of her marbles and bo gets them all when all he did was cheat and pull her hair and steal her ice cream cone right out of her hands.

    Her name is Meredith Brooks.

  • Ferd Berfle

    there isn’t a politician who hasn’t received the bulk of their contributions from financial powerhouses
    ============
    Well, edward, common practice is no justification. Besides, this is about That One, Wall Street, and his lying. Do try to remain focused.

  • creeper

    As usual, FF has mined a couple of statistics from a poll and used them to “prove” his point.

    What he didn’t do (and rarely does) was provide you with a link to the poll.  Here’s a recap:

    http://www.dailyindia.com/show/369718.php

    Note the headline:  Obama’s job approval rating hits all-time low of 46.1 percent.

    FreedomFighter, you’re a troll.  And not a very good one.

  • kenoshamarge

    Only brain-dead dedicated and rabidly partisan Obamacrats would believe, could believe, that Oblahblah came out of a cesspool like Chicago Politics without being a part of it. None so blind as those who only see what they want to see.

    Many of them must see by now how wrong they were in worshipping at the feet of this despicable man. but if they admit how wrong they were then they expose themselves to themselves as the fools they were.

    Better to just keep fingers in ears, eyes shut tight and sing la, la la. Honesty may be the best policy but life is simpler and more pleasant in Fantasyland.

  • edward778

    there isn’t a politician who hasn’t received the bulk of their contributions from financial powerhouses – that’s who has all the money.  even hillary, your favorite – up until the 2008 campaign for the presidency she had the most contributions from wall street than any other senator, even more than the bankers best friend Chuck Shumer.

  • lorac

    Ferd, it’s not even that “good” – because those blacks who support Obama are democrats – so really you’d just basically need to look at the democrat number, not add dem and black percentages together, right….?

  • BuzzLatte

    Oh and Geraldo Rivera had nothing to do with telling lies that got Vickie Weaver killed at Ruby Ridge – in other words the media never lies!

  • Ani

    I believe they had to cut the soundtrack – i forget the name of the singer but the authors of the great video did not have permission to use the music.  They should re-edit it with different music in the background.

  • BuzzLatte

    Absolutely, jwrjr!

  • BuzzLatte

    Okay, you go ahead and think that way…but you missed those that consider themselves Indies and those that were registered GOP that voted for skin tone.  

    This registered dem voted for McCain/Palin so which demographic would best fit me oh and add in seven others from my family – dems voting GOP.

    In your world would a registered dem be just lumped in with other dems voting for Obama or would there be a variance allowed for those that didn’t vote for Obama.  Not so cut and dried is it…

  • Ani

    Yer kiddin me, right, FF?  I used to think that about the Dems but no more.  Not this crop of them.  All those back door deals on health care the Louisiana purchase, etc.?  Please.

    It’s time to admit that both sides are for themselves — not for us.

  • Ani

    TWK, there was some speculation on the blogs that he was hired because he’s got the skinny on the inside operation and that he had a grudge because of how he was blames for failure to close Gitmo and then made a “dead man walking” punblically through a leak before he was even told about it.  I have no idea if any of it means anything.

  • Ani

    Thanks, Diana, but you know even CBS News reported on Obama’s contributors back at the end of 2007 — I remember the article.  Who knows if I can ever find it, but like the great series of articles in the Boston Globe in March or so of 2008 about Obama’s connection to Rezko et al — none of this got any traction with the rest of the MSM.

    Tucker Carlson interviewed Prof. Sean Wilentz who wrote the brilliant article “Race Man” detailing how the race baiting was coming from the Obama campaign which they blamed on the Clintons.  The interview was fascinating.  Tucker Carlson (certainly no friend to Hillary) listened respectfully and at the end said that this is very well researched and presented and he could find no flaw in the Professor’s argument or logic.  The End. 

    In other words, it got buried and never went anywhere.

  • Ani

    I am looking at what he has done so far which is to placate and cover the asses of the crooks while pretending to do something for us.  For all our sakes, I hope this legislation succeeds but even NPR posted an article today how this legislation did nothing to stop bailouts for “Too big to fail” institutions nor does it do anything to break up “too big” banks etc.

    Let us hope they don’t ram through more look good but useless legislation that doesn’t have teeth.  We need better than that.  Start praying.

  • Ani

    I am not making a dissertation with my last comment, FF.  Why are you so defensive?  I am answering a pal on the blog with my own experience.  I feel you are working way too hard to prove to me how successful and popular our President is.

    If he is, then good for him.  You will have to pardon me if I am more than a little concerned for the rest of us.

  • PssttCmere

    lol….genuis?  Hmmmm maybe Freedom Fighter should change the moniker to Wile E. Coyote….just sayin’

    “Say What You Will…It Feels So Good.

    http://www.saywhatyouwill.proboards.com

  • Senneth

    Ferd,
    I’m in the same boat.  My whole family is still swilling Koolaid and won’t hear a word against That One.  It makes for very, very strained relations.  In fact, I avoid them now when I can.

  • PssttCmere

    I’m shocked, just shocked, I tell ya!!  lmao….Prevaricator-In-Chief, Barry Soetero

    “Say What You Will…It Feels So Good”

  • sowsear
  • Texas Playwright

    Crooks of a feather…

  • jwrjr

    Note to FF – Hey genius, if we accept your proposition (“Mistake #2: since a large part of African Americans are a subset of Democrats, you do NOT sum the two values.”), then that means that some part of the AA community is being double-counted (ACORN and Obama are skilled at that) and thus the true percentage is lower.

  • sowsear

    And the buck stops here!

  • sowsear

    He may not have played the piano for her, but he sure took it hard that someone criticized her voice…

  • Ferd Berfle

    If he’s going to give fellatio to The One with his eyes open, you should advise him to wear goggles. SAFETY FIRST! 
    ==============
    Oh, el yucko. Time for the old bleacheroo, again.

  • Ferd Berfle

    Time for the old bleacheroo, again.

  • Freedom Fighter

    EllenD, the purpose of the primary is to find the strongest candidate. If Hillary was the stronger candidate, why would the party go with the weaker candidate, and diminish their chance of winning? It just doesn’t make sense. The nomination was in fact her’s to lose, she was the inevitable nominee. But she ran a terrible Coakleyesque campaign and blew it.

  • Freedom Fighter

    Buzzlatte, considering that Gore and Kerry won 90% of the African American vote, and Obama won 96%, I think’s safe to say 90% of actual voting African Americans are Democrats.

  • Zombiehero

    it was designed that way. Goldman allowed the SEC to file against them. Goldman wants the billion dollar line to the Treasury that’s in the Dodd bill. Obama wants to look tough. Since Goldman already bought Barry for a cool million, here you go.

  • Ferd Berfle

    Yeah, or to paraphrase Mr. Robinson(‘s Neighborhood) (Eddie Murphy): “Can you say scumbucket, kiddies? I knew you could”.

  • ~~JustMe~~

    She only wore that shirt so she didn’t become a Jo the plumber!

  • Ferd Berfle

    Well FF did sleep outside a Holiday Inn Express once.

  • Onofre’s arm

    I’m awake enough to realize the humorous nature of your pathetically comical attempts to debate in a forum where you are clearly outclassed.

  • Ferd Berfle

    Yeah, he’s cleaning up all right and putting the proceeds in the bank.

  • oowawa

    Breeze, your hip little (great)grandchildren are well on their way to singing background in a doo-wop quartet!

  • TeakWoodKite

    Einstein? is that you?

  • EllenD

    After her political career had sputtered and stalled

    Isn’t that like saying someone who was murdered suddenly stopped breathing? Hillary was going strong going into the convention. Strong enough to scare the Democrats into stacking the deck against her.

  • Onofre’s arm

    “And, FF, if your going to give fellatio to the comparative religion of “The One”, you might at least keep your eyes wide open.”

    If he’s going to give fellatio to The One with his eyes open, you should advise him to wear goggles. SAFETY FIRST! 

  • TeakWoodKite

    FF, it’s a long way down your rabbit hole…. Do you know Ani’s peeps?

  • oowawa

    Breeze, your hip little grandchild is well on his way to singing background in a doo-wop quartet!