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Barack Obama, Wall Street’s Go to Guy?

The turmoil in the capital markets is bad news and is forcing each candidate to reassess their current pronouncements on the economy. So, let’s ask some questions. Of the two candidates for President, who got the most money from the two financial giants now in the news–Lehman Brothers and AIG?

McCain received $117,500 from Lehman Bros.
Obama received $370,524 from Lehman Bros.

How about AIG?

John McCain got $36,875 from AIG
Barack Obama raked in $75,899 (+205%)

Got that? Barack Obama, the guy who supposedly is not beholden to special interests, took three times as much money from Lehman Brothers and more than twice as much from AIG.

Gee, and who did the now Government financed mortgage broker Fannie Mae give its money to when it wanted to influence a politician?

OpenSecrets lists the top three politicians in which FNMA “invested” from 1989 to 2008.

Top Recipients of Fannie Mae/Freddie Mac Campaign Contributions, 1989-2008Name Office State Party Grand Total

Dodd, Christopher S CT D $165,400
Obama, Barack S IL D $126,349 ($6000 came from the PAC)
Kerry, John S MA D $111,000

What about McCain?

The folks at Fannie Mae didn’t show him a lot of love. According to Open Secrets:

McCain, John S AZ R $21,550 (all from individuals).

Oh yeah, and who tabbed the former head of Fannie Mae to head up his Vice Presidential search team? OBAMA, that’s who. Back in May Barack turned to Jim Johnson, former CEO of Fannie Mae. Who is Johnson?

Johnson served as Fannie Mae CEO from 1991 to 1998 and has a long history in both Washington politics and business. He served on the boards of numerous companies, including The Goldman Sachs Group, KB Home, and Target Corporation, and has been Vice Chairman of Perseus LLC. He also was a corporate finance managing director for Lehman Brothers. He was an executive assistant for Vice President Walter Mondale (1977-1981) and a U.S. Senate staff member. Johnson also helped screen running mates for Democratic presidential nominees Walter Mondale in 1984 and John Kerry in 2004.

When it came time for a tough decision who did Barack turn to? A former community organizer per chance? Hell no! He went with the inside the beltway uber lobbyist.

So, Obama bots, save your sanctimonious bullshit. When it comes to cozying up to big players and wealthy Wall Street types smack in the middle of the lastest scandals and crises, Barack Obama is in a league of his own. That is “change” you want to believe in? What a goddamned joke!!

Deal with reality, John McCain wisely was not in bed with these guys. Will the media ask Barack to explain? Probably not.

And to further drive home the point (hat tip to ivet for the link) here is John McCain back in 2006 railing against the power of lobbyists like Fannie Mae:

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

McCain’s last comment should lead his next batch of Presidential ads. Where was Barack? He was taking Fannie Mae money. Any questions?

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  • buhog

    i think we need more parties so we can really get this three ring circus going.  I say to you all great people of the U.S.A. make a statement to the world and make a statement for your country.   In the words of Nancy Reagan JUST SAY NO  dont go out and vote dont watch the crap on fox or msnbc i would like to see a voter turn out of ZERO.  I think that might make some kind of statement. I can only imagine, but it’s not hard if you try

  • buhog

    I wish that the Democrates and Republicans would stop fighting they all do the same things steal lie and lie some more. I wish that they would just send all the politicans to Afganistan so they can fight over there

  • buhog

    i heard a guy say i dont vote because my vote doesn’t matter.  I haven’t  seen a single politican stand up to the big banks or the little guy.  Why not oh yah that’s where they all get their bonuses from.

  • buhog

    I know human nature in this world. GREED GREED GREED LIES LIES and more lies. I really dont trust a single one of them all of them democrate and republican.  They all want the money.  It is my dream that everyone is removed from the house and the senate and and the President and start voting for a whole new group of canditates. Canditates that have no investments no condos no mercades. Imagine it .  It’s not hard if you try

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  • Comehomenow
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  • Lexi

    OBAMA EXPOSED: FINANCIAL/HOUSING SCANDAL

    An independent counsel must be appointed to investigate Barack Obama and his closest advisors for their involvement in the Financial/Housing Crisis. The witness list must include:

    BARACK OBAMA: $525,000 of contributions from bankrupt Fannie Mae/Freddie Mac and Lehman Brothers. Barack Obama has received more money from this bankrupt and corrupt organization than any other member of Congress. In his very short time as a lawyer, Obama represented clients seeking to force Lenders to provide high-risk, subprime mortgage loans which are now at the center of our nation’s major crisis.

    FRANKLIN RAINES (Obama Top Advisor): former CEO of bankrupt Fannie Mae who was fired for “accounting irregularities” and was given a $90 million Golden Parachute.

    JIM JOHNSON (Obama Top Advisor who chose Joe Biden as V.P.): former CEO of bankrupt Fannie Mae and CEO of bankrupt Lehman Brothers.

    PENNY PRITZKER (Obama National Finance Chair): former Chair of bankrupt subprime lender, Superior Bank of Chicago. Paid $450 Million in fines to avoid potential criminal prosecution.

    This is a huge scandal and must be exposed.

  • Pingback: ALERT: Explosive CEO calling Obama, Dems “Family” of Fannie Mae | Right Voices

  • Paul

    Pelosi’s comprehensive energy plan omits nuclear energy and clean coal.Why limit exploration for oil and natural gas to 50 miles ! Pelosi shelved the better energy plan and ajourned congress for 5 weeks.She went on a book tour !
    She is an adament believer in Al Gore’s plan of making huge gains in not using oil in 10 years.Her view is “I’m out to save the planet from global warming.” Her and Harry Reid do not have comprehensive plans for energy independence in my book ,and are playing politics.
    Where’s all the extra electricity going to come from Nancy to power our future cars ? If France can have 60% of it’s electricity generated by nuclear why not us?Will we end up like California some years ago with brownouts because not enough power plants were built. Maybe Pelosi needs a car with no engine and a sail on top .
    I believe global warming is an issue but Nancy you can do better than this.As Senator McCain has said this issue is also a national security issue.

  • Raven

    Sen. Clinton did the right thing. The reason being
    is that the media would be the ones who would be
    responsible for the “fenzy” of attention that would be paid to the fact that they’d both be in attendance. Hillary, wants to keep the focus on McCain and the issues. McCain wants to “raise” Gov. Palin’s profile,on foreign policy and meeting foreign leaders, in these weeks leading to election. That’s this event and the CGI.
    There will be another time and place for Clinton and
    Palin to meet on the issues.

  • JP49

    I read on Savage Politics a comment below:

    “Great article. Who are the two big investment firms left? Goldman Sachs and Morgan Stanley. And who owns Obama? Goldman Sachs. It appears Obama through his owners/handlers are ridding themselves of the competition…sounds familiar…..Alice Palmer. This is BO’s MO only this time on a much grander scale. This guy is laying the groundwork to own us…despicable”

    Sounds just like Obama, get rid of the competition. This guy cannot ever be in our government. He must be taken out of any government office and preferably, straight to jail.

  • susan k

    Why a Dem would vote for McCain:

    Because: Wars, economy, internat’l relations, health care. We need someone who can get things done. We have zero proof that Obama can get anything done or handle a crisis or work for reform. We have solid proof that McCain can. No matter how much I disagree with McCain, I think this country will be in better hands with him.

    Also, because Obama has accomplished nothing and has in fact allowed his constituency in S. Chicago to be exploited by the likes Rezko (and many others), I do not trust him. There is evident that he is, in fact, a typical pol who greases the palms of his friends, and will NOT work for reform.

  • http://none Jessie Britton

    Should be “be calm” instead of be come —sorry

  • http://none Jessie Britton

    Liz- talk about the issues. Obama’s lack of experience in a dangerous world, two wars,Iran going atomic, riots and bombing in Pakistan. Obama and his surrogates and supporters vile treatment of women and Hillary in particular. The Democratic roll call vote and the the threats and treatment of the Clinton delegates. August 27th the day that democracy in the Democratic party died. Do not come across radical, be come, be cool, and you will just do fine.

  • JP49

    Thanks for the article Larry and timely as well. McCain proposed legislation that passed the house regarding the mortgage industry but it was killed in the senate (see Savage Politics today’s article). Its a real shame this inexperienced dirty candidate Obama is our nominee. Just because he has a D behind his name all democrats are supposed to vote for the fraud. Not me, not ever. I vote for McCain and probably will vote republican from now on because of what the democratic party did this year. I don’t trust the democratic party anymore. I thought O’Reilly would really do a good job with his Obama interview and his 25 part show on Obama. NOPE. He is so in the tank for Obama. He skirts over any issue which would put Obama in a bad light. He is a total sellout. We need to tell Hannity and Lou Dobbs to support McCain and bring the truth out. These two are the only two that seem to try and report the truth. The rest of the media suck. They couldn’t report the truth if it was laid out in front of them.

    • wodiej

      I agree

    • tek

      Well, you know Obama would never go on a tv show if he was going to be made to look bad.

  • http://snunes.blogspot.com Susan Nunes

    Both candidates are bought and paid for by the economic elites who will once again shaft the masses.

    It won’t matter if McCain is elected or Obama is. These elites will win.

    Voters were denied the right to choose their candidates. The media, owned by the same economic elites, decreed the contest would be between McCain and Obama.

    • wodiej

      I wonder why you are here then. We all are here to fight against the norm.

    • tek

      Not quite true. McCain was fairly elected by the Republicans. The neocons tried to prevent it, but the way the Republican primary system works, they couldn’t stop the will of the voters.

      Democrats, on the other hand, manipulated their primary season to shove Obama on the ticket.

  • mcpalin hill

    One thing that surprised me listening to Republican Talk Radio’s Mark Levin yesterday is that Pelosi and the Dems passed a bill which supposedly favors off shore drilling but is a total scam because the only drilling allowed is 50 miles out to sea.

    I am furious. Is this what we pay them money for? So Fancy Nancy would rather attack Repubs then get something accomplished and she would rather leave these oil prices high then drill. I will never be a Dem again. They go to Washington to play games — I am sick of it.

    • yourallrepubs

      go move to canada.

      • Hope Floats

        Why would someone who hates excessive regulation, censorship and European-style socialism move to Canada? I am in Canada, and I have dual citizenship. Obama supporters would be more than happy here for a while… Until they had to wait five months for an operation or their job wages stagnated or they wanted to start their own business or missed freedom of expression. You move to Canada, you fucking fascist.

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    • mcpalin hill

      Our Economy — Our Foundation — However the Dems answer to the Wall Street debacle is to hold hearing up until the election blaming Republicans. I am so sick of the Washington games–lets get something done for the people. I hope no one falls for this. What has Pelosi and Reid done in these last 2 years? Now the hearings blaming Republicans is supposed to suffice and get them back in. The reason I have been a Dem all my life is because I believed that the Democratic Party didn’t talk down to their voters. Now I see they think we are a bunch of dipshits. DONE DONE DONE

    • mcpalin hill

      Our Economy — Our Foundation — However the Dems answer to the Wall Street debacle is to hold hearings up until the election blaming Republicans. I am so sick of the Washington games–lets get something done for the people. I hope no one falls for this. What has Pelosi and Reid done in these last 2 years? Now the hearings blaming Republicans is supposed to suffice and get them back in. The reason I have been a Dem all my life is because I believed that the Democratic Party didn’t talk down to their voters. Now I see they think we are a bunch of dipshits. DONE DONE DONE

  • outlawales

    i tell my 6 year old boy/girl twins,

    momma doesn’t like obama because,,,,,

    well it’s like he cut in line,,,

    • wodiej

      haha, very good!!

  • Sassy

    Okay, I get it!
    But what I don’t get is WHY!
    The media, corporations, and money “changers” are all in cahoots to elect Obama!
    So, does that relate to his candidacy, or their fear of the “maverick”?
    I believe they think that there are going to be major crack-downs on the “business as usual” scene, if McCain/Palin are elected!
    But, this started with BO from day one!

    • wodiej

      that’s exactly what it is. both sides are lining their pockets. I think that is also why they didn’t want Hillary in there because she was going to kick ass and take names later. I believe McCain and Palin intend to do the same and ABOUT DAMN TIME.

      • mcpalin hill

        wodiej — Sure Nancy can game the system with the best of them. She wanted Obama because he would keep his mouth shut and do what he was told. She never figured he would want to be a Messiah–however.

    • mcpalin hill

      sassy — the big question is who is footing the bills for Mr. Obama and why is the media on his side? I think its the Saudis–just my opinion. But they see we are weakened and this is their chance to not only own a significant piece of this country but the entire country. Look at how the Democratic Party followed Obama meekly to Chicago. Never an explanation why a political party was so in bed with one candidate that they had to be close enough to kiss him good night.

      Someday the story of this will be written and it won’t be pretty–however, we will finally get the truth. But only if we elect McCain/Palin to stop their plans.

      Otherwise, its Burkas ladies and we do what we’re told.

  • txchick57

    I actually think that no matter who wins, they’re going to wish they hadn’t. These market and economic dislocations are serious and will resist easy answers and serial bottom calling.

    In the case of Obama, there are going to be a lot of people with their hands out if he wins. What if there isn’t anything to give them.

    • http://snunes.blogspot.com Susan Nunes

      Why do you think Democrats are deliberately throwing the race with Obama? They don’t WANT to be saddled with this economic mess.

      They can use this as a weapon against McCain and/or Palin in 2012.

      • mcpalin hill

        susan nunes — when have you ever seen the Media in league with the Dems? No I believe the powers that be have decided the Republican brand is over and they are going with the Dems. Therefore, a full court press for their handpicked boy Obama.

    • tek

      They’ll riot in the streets, take all the white people’s property and money for themselves. Didn’t get the memo?

  • ford

    I can’t stand Sean Hannity. At least he is doing SOME VETTING OF OBAMA…the sad thing here, yes?

    I watch him only because I cannot bear “Butch “Maddow or Campbell “the soup” Brown…ugh! What a bunch of Brazile bed wetters.