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Forum Post: Obama received more money from Wall St than any politician for 20 yrs

Posted 7 years ago on Oct. 10, 2011, 2:01 p.m. EST by Washington (77) from Khon San, Chaiyaphum
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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.

In 2008, Wall Street’s largesse accounted for 20 percent of Obama’s total take, according to Reuters.

“It’s almost as if President Obama won’t cross across a Wall Street picket line except to get inside with [his] hand out, so he can raise money,” Former White House Press Secretary Ari Fleischer told dailycaller, referring to the Occupy Wall Street demonstrators who the president has been encouraging over the past week. “That sort of support causes him to look hypocritical.”

Fleischer continued by saying that Obama and Democrats, such as New York Sen. Schumer, who has received approximately $8.7 million from Wall Street since 1989, should stop taking campaign donations from Wall Street banks.

“They can’t say we hate Wall Street, but we love their money,” Fleischer said.

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.

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.

“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,” -- Center for Responsive Politics’s OpenSecrets blog.

By the end of 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.

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7 Comments


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[-] 1 points by talination (10) 7 years ago

Interesting. Do you think Obama's kept any/most/a few of his promises? There's a site out there that's getting conversation going about this--it's definitely and interesting and heated topic--you guys should check it out and participate on there: http://www.youmepolitics.us/

[-] 1 points by jjpatrick (195) 7 years ago
  1. 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

Read more: http://dailycaller.com/2011/10/10/obama-attacks-banks-while-raking-in-wall-street-dough/#ixzz1abXXF0I6

  1. President Obama, who has received approximately $16 million from Wall Street since 1989. http://influenceexplorer.com/politician/barack-obama/4148b26f6f1c437cb50ea9ca4699417a

  2. In 2008, Goldman Sach's funded Obama over 1 million http://www.opensecrets.org/politicians/contrib.php?cycle=2008&cid=N00009638&type=I

[-] 1 points by DirtyHippie (200) 7 years ago

You seem to think that OWS exists to defend Obama.

What's your point?

Are you against the practice of business corporations funneling money into the government, or are you only against it when Obama is the beneficiary?

[-] 1 points by Washington (77) from Khon San, Chaiyaphum 7 years ago

I'm against it all the time. Have been since before ever hearing of Obama's existence.

[-] 1 points by usdarkops (51) 7 years ago

You are absolutely right!!!! But this is not a question of left vs. right or capitalism vs. socialism. This is an issue of the 1% controlling our democracy. Who are the 1%ers you may ask? Well I say they are the large corporations and special interest groups who TRULY run this country. They are the groups of individuals who spend millions upon millions of dollars each year to convince YOUR congressman, YOUR senator, YOUR President to do what best suits them regardless as to what's in the best interest of the rest of the 99% of this country.

99%ers are those that have no voice in this country. It doesn't matter if you are a Republican, Independent, Democrat, Tea Partier, believe in Socialism or Capitalism. Contrary to what you believe none of us actually has a voice in this county. We have been taught to believe that if we elect our respective parties into power that our goals and ideas will be done. Well guess what people, it won’t. The only people in this county with a voice are the 1%ers!

Think about it, the root of every problem we face as a county regardless as to political beliefs boils down to who's willing to pay the most money to see their agenda done. So until we fix this system of legalized BRIBERY also known as lobbying this country will never ever be the place we dreamed that it could be.

Oh and if you don't believe me, ask yourself when was the last time you tracked down your congressman or senator in the capital between meetings and offered up a large some of money in order to see a piece of legislation passed that best interested you?

[-] 1 points by Washington (77) from Khon San, Chaiyaphum 7 years ago

You are right!

Every once in a while, I come upon big ideas wrapped up in a relatively few words. Here is such:

Do you think they are actually going to do the right, logical, sensible, moral and feasible thing and let the “to big to fail” banks fail like they should?

Put a firewall between the JP Morgan Chase, Citibank, Bank of America, Goldman Sachs and HSBC's $238 TRILLION dollars in derivative exposure, and normal banking functions, like your savings, business loans, etc. Let the casinos fail; they are already bankrupt many times over by rational accounting. We are all serving the insane casino system as it is now.

It could be done in, say, 5 days, during an imposed bank holiday.

That's the target. That is where the "Occupy Wall Street" movement worldwide has to go.

Doing this with Obama in residence is almost certainly impossible, so he has to get out.

So there you have it.

Personally, I think Nov 2012 is a time marker that just serves denial of the real situation. Before that date we will experience transatlantic vertical hyperinflation or financial system explosion/disintegration.

[-] 0 points by VladimirMayakovsky (796) 7 years ago

Obama needs to go. Bring back Bush.