Top Obama Donors Get Gov. Jobs

Josh_R

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Jan 29, 2005
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#1
More than two years after Obama took office vowing to banish “special interests” from his administration, nearly 200 of his biggest donors have landed plum government jobs and advisory posts, won federal contracts worth millions of dollars for their business interests or attended numerous elite White House meetings and social events, an investigation by iWatch News has found.

These “bundlers” raised at least $50,000 — and sometimes more than $500,000 — in campaign donations for Obama’s campaign. Many of those in the “Class of 2008” are now being asked to bundle contributions for Obama’s reelection, an effort that could cost $1 billion.

Overall, 184 of 556, or about one-third of Obama bundlers or their spouses joined the administration in some role. But the percentages are much higher for the big-dollar bundlers. Nearly 80 percent of those who collected more than $500,000 for Obama took “key administration posts,” as defined by the White House. More than half the 24 ambassador nominees who were bundlers raised $500,000.
Read more: http://www.politico.com/news/stories/0611/56993.html#ixzz1PNzjIIIa
 

NuttyJim

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Feb 18, 2006
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#2
This is not an issue just for the Obama Administration but it occurs practically everywhere in Washington DC. Many people get jobs because of political connections, political contributions. I've seen many cases where people who made large contributions to campaigns got their kids internships or jobs in DC.
 
Oct 8, 2005
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#3
Old news, Obamas top donors are wall street bankers and he filled his cabinet with wall street bankers.

Obama's Wall Street cabinet

"For a speech to Goldman Sachs executives, Summers walked away with $135,000. This is substantially more than double the earnings for an entire year of high-seniority auto workers, who have been pilloried by the Obama administration and the media for their supposedly exorbitant and “unsustainable” wages."

A series of articles published over the weekend, based on financial disclosure reports released by the Obama administration last Friday concerning top White House officials, documents the extent to which the administration, in both its personnel and policies, is a political instrument of Wall Street.

Policies that are extraordinarily favorable to the financial elite that were put in place over the past month by the Obama administration have fed a surge in share values on Wall Street. These include the scheme to use hundreds of billions of dollars in public funds to pay hedge funds to buy up the banks’ toxic assets at inflated prices, the Auto Task Force’s rejection of the recovery plans of Chrysler and General Motors and its demand for even more brutal layoffs, wage cuts and attacks on workers’ health benefits and pensions, and the decision by the Financial Accounting Standards Board (FASB) to weaken “mark-to-market” accounting rules and permit banks to inflate the value of their toxic assets.

At the same time, Obama has campaigned against restrictions on bonuses paid to executives at insurance giant American International Group (AIG) and other bailed-out firms, and repeatedly assured Wall Street that he will slash social spending, including Medicare, Medicaid and Social Security.

The new financial disclosures reveal that top Obama advisors directly involved in setting these policies have received millions from Wall Street firms, including those that have received huge taxpayer bailouts.

The case of Lawrence Summers, director of the National Economic Council and Obama’s top economic adviser, highlights the politically incestuous character of relations between the Obama administration and the American financial elite.

Last year, Summers pocketed $5 million as a managing director of D.E. Shaw, one of the biggest hedge funds in the world, and another $2.7 million for speeches delivered to Wall Street firms that have received government bailout money. This includes $45,000 from Citigroup and $67,500 each from JPMorgan Chase and the now-liquidated Lehman Brothers.

For a speech to Goldman Sachs executives, Summers walked away with $135,000. This is substantially more than double the earnings for an entire year of high-seniority auto workers, who have been pilloried by the Obama administration and the media for their supposedly exorbitant and “unsustainable” wages.

Alluding diplomatically to the flagrant conflict of interest revealed by these disclosures, the New York Times noted on Saturday: “Mr. Summers, the director of the National Economic Council, wields important influence over Mr. Obama’s policy decisions for the troubled financial industry, including firms from which he recently received payments.”

Summers was a leading advocate of banking deregulation. As treasury secretary in the second Clinton administration, he oversaw the lifting of basic financial regulations dating from the 1930s. The Times article notes that among his current responsibilities is deciding “whether—and how—to tighten regulation of hedge funds.”

Summers is not an exception. He is rather typical of the Wall Street insiders who comprise a cabinet and White House team that is filled with multi-millionaires, presided over by a president who parlayed his own political career into a multi-million-dollar fortune.

Michael Froman, deputy national security adviser for international economic affairs, worked for Citigroup and received more than $7.4 million from the bank from January of 2008 until he entered the Obama administration this year. This included a $2.25 million year-end bonus handed him this past January, within weeks of his joining the Obama administration.

Citigroup has thus far been the beneficiary of $45 billion in cash and over $300 billion in government guarantees of its bad debts.

David Axelrod, the Obama campaign’s top strategist and now senior adviser to the president, was paid $1.55 million last year from two consulting firms he controls. He has agreed to buyouts that will garner him another $3 million over the next five years. His disclosure claims personal assets of between $7 and $10 million.

Obama’s deputy national security adviser, Thomas E. Donilon, was paid $3.9 million by a Washington law firm whose major clients include Citigroup, Goldman Sachs and the private equity firm Apollo Management.

Louis Caldera, director of the White House Military Office, made $227,155 last year from IndyMac Bancorp, the California bank that heavily promoted subprime mortgages. It collapsed last summer and was placed under federal receivership.

The presence of multi-millionaire Wall Street insiders extends to second- and third-tier positions in the Obama administration as well. David Stevens, who has been tapped by Obama to head the Federal Housing Administration, is the president and chief operating officer of Long and Foster Cos., a real estate brokerage firm. From 1999 to 2005, Stevens served as a top executive for Freddie Mac, the federally-backed mortgage lending giant that was bailed out and seized by federal regulators in September.

Neal Wolin, Obama’s selection for deputy counsel to the president for economic policy, is a top executive at the insurance giant Hartford Financial Services, where his salary was $4.5 million.

Obama’s Auto Task Force has as its top advisers two investment bankers with a long resume in corporate downsizing and asset-stripping.

It is not new for leading figures from finance to be named to high posts in a US administration. However, there has traditionally been an effort to demonstrate a degree of independence from Wall Street in the selection of cabinet officials and high-ranking presidential aides, often through the appointment of figures from academia or the public sector. In previous decades, moreover, representatives of the corporate elite were more likely to come from industry than from finance.

In the Obama administration such considerations have largely been abandoned.

This will not come as a surprise to those who critically followed Obama’s election campaign. While he postured before the electorate as a critic of the war in Iraq and a quasi-populist force for “change,” he was from the first heavily dependent on the financial and political backing of powerful financiers in Chicago. Banks, hedge funds and other financial firms lavishly backed his presidential bid, giving him considerably more than they gave to his Republican opponent, Senator John McCain.

Alongside Wall Street, the Obama cabinet is dominated by the military, including three recently retired four-star military officers: former Marine General James Jones as national security adviser; Admiral Dennis Blair as director of national intelligence, and former Army Chief of Staff Erik Shinseki as secretary of veterans’ affairs.

These are the deeply reactionary political and class interests that are represented by the Obama administration.

Friday’s financial disclosures further expose the bankruptcy of American democracy. Elections have no real effect on government policy, which is determined by the interests of the financial aristocracy that dominates both political parties. The working class can fight for its own interests—for jobs, decent living standards, health care, education, housing and an end to war—only through a break with the two parties of American capitalism and the development of a mass, independent socialist movement.
 

BIV

I'm Biv Dick Black, the Over Poster.
Apr 22, 2002
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#4
This is not an issue just for the Obama Administration but it occurs practically everywhere in Washington DC. Many people get jobs because of political connections, political contributions. I've seen many cases where people who made large contributions to campaigns got their kids internships or jobs in DC.

It's really this part I see as the issue here:

More than two years after Obama took office vowing to banish “special interests” from his administration
 

Owenay

Those who fail to learn from history are doomed...
May 10, 2007
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#5
Everyone knows how to respond to evidence that Obama is a corrupt, lying hypocrite:



Besides, pointing out this scumbag's corruption is so 2009...:action-sm
 

CousinDave

Registered User
Dec 11, 2007
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#7
This really isn't a big deal, it happens with all politicians. Trust me the ambassador to Luxembourg only qualification is that he wrote a bigger check than anyone else who wanted to be the ambassador to Luxembourg.

Its just Little Barry claimed he wasn't about all this. I mean I knew he was lying, but any of you rubes who actually believed anything Little Barry ever said should kill yourselves like an honorable person.
 

NuttyJim

Registered User
Feb 18, 2006
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#8
It's really this part I see as the issue here:
Well, that is bothersome but what should really bother people are that they end up in positions where they have no fucking clue what they're doing
 

Josh_R

Registered User
Jan 29, 2005
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#9
This really isn't a big deal, it happens with all politicians. Trust me the ambassador to Luxembourg only qualification is that he wrote a bigger check than anyone else who wanted to be the ambassador to Luxembourg.

Its just Little Barry claimed he wasn't about all this. I mean I knew he was lying, but any of you rubes who actually believed anything Little Barry ever said should kill yourselves like an honorable person.
How is it not a big deal? The people that represent our nation and make the regulations that we live under are only there because they made a lot of money for the guy in charge. I don't give a fuck that it has been happening for a long time, it's still wrong. I do agree that because Obama ran on the platform that he was above all this makes it worse.
 

CousinDave

Registered User
Dec 11, 2007
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#10
How is it not a big deal? The people that represent our nation and make the regulations that we live under are only there because they made a lot of money for the guy in charge. I don't give a fuck that it has been happening for a long time, it's still wrong. I do agree that because Obama ran on the platform that he was above all this makes it worse.


We live in a representative democracy, when you vote for someone, you're also voting for all the people they will have the power to appoint to positions of power that we created by the elected legislators; politicians give a lot of the more honorary positions to their friends and contributors.

If Ron Paul, Dennis Kucinich, or Donald Trump were the POTUS it would be the exact same way.

Don't like it then vote for legislators that will eliminate these honorary positions.

While we don't have counts and dukes in this country, if you have enough money, you can still buy yourself a title just like in Europe.
 

Josh_R

Registered User
Jan 29, 2005
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Akron, Ohio
#11
We live in a representative democracy, when you vote for someone, you're also voting for all the people they will have the power to appoint to positions of power that we created by the elected legislators; politicians give a lot of the more honorary positions to their friends and contributors.

If Ron Paul, Dennis Kucinich, or Donald Trump were the POTUS it would be the exact same way.

Don't like it then vote for legislators that will eliminate these honorary positions.

While we don't have counts and dukes in this country, if you have enough money, you can still buy yourself a title just like in Europe.
Ummm, when people voted for Obama, they thought they were voting for a guy who was above all that. You make is seem like just because there are all these positions available, that the guy has no choice but to appoint his friends to them. Not the case, he could actually appoint people who are qualified or who did not raise half a million dollars for his campaign. You are blaming it on the system, rather than the guy who made the shitty choices.
 
Oct 8, 2005
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#12
Obamas entire campaign was "Change We Can Believe In" and we were told to not vote for "McSame" because we would get more of the same. Obama gets in and starts his first and biggest lie 3 days in. You need a guy like Ron Paul that doesn't get the banker and corporate support but he will never win because he doesn't get the banker and corporate support.
 

boardsofcanada

You're a Charcoal Briquette..ditsoon..a moolinyan
Jun 8, 2006
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#13
So you're telling me money can buy you power and favors in the United States? Get out.
 
Oct 8, 2005
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#14
So you're telling me money can buy you power and favors in the United States? Get out.
Pay a few million and get the ability to make laws that will make you billions or get tax exemptions that will save you billions. I don't know how this is legal.
 
Jun 2, 2005
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Dallas
#15
To be fair, he has to pick someone for these posts, and those who are instrumental in raising money and running campaigns are usually also very competent business men. It's not always a quanspiracy, dipshit.
 

Party Rooster

Unleash The Beast
Apr 27, 2005
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#16
To be fair, he has to pick someone for these posts, and those who are instrumental in raising money and running campaigns are usually also very competent business men. It's not always a quanspiracy, dipshit.
Not only that, but is the ambassador to Luxemborg all that crucial? I'd like to see the breakdown of ambassadorships versus appointments where they'll actually be involved in policy making either home or abroad.
 
Jun 2, 2005
15,516
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Dallas
#17
Not only that, but is the ambassador to Luxemborg all that crucial? I'd like to see the breakdown of ambassadorships versus appointments where they'll actually be involved in policy making either home or abroad.
Ok, now I am pissed. We shouldn't have an ambassador to a suburb of Germany.
 

Sinn Fein

Infidel and White Interloper
Wackbag Staff
Aug 29, 2002
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#18
Everyone knows how to respond to evidence that Obama is a corrupt, lying hypocrite:



Besides, pointing out this scumbag's corruption is so 2009...:action-sm
I actually encountered this (outside of this forum) for the first time yesterday. It was surreal and I couldn't believe it was happening at first. The person who started calling everyone racist got a well-deserved smashing, even from some of the Hope Change crowd who are starting to see the light.
 

Josh_R

Registered User
Jan 29, 2005
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Akron, Ohio
#19
To be fair, he has to pick someone for these posts, and those who are instrumental in raising money and running campaigns are usually also very competent business men. It's not always a quanspiracy, dipshit.
No he doesn't have to pick anyone for these posts. They are just a waste of money, and since the President controls the executive branch, he could actually shut down a bunch of these bullshit positions. Nothing in the Constitution says the President must have a "green jobs czar" or assistant deputy secretary of (insert stupid government agency).
 
Oct 8, 2005
1,797
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Reality
#20
To be fair, he has to pick someone for these posts, and those who are instrumental in raising money and running campaigns are usually also very competent business men. It's not always a quanspiracy, dipshit.
139 billion in bail out money and tax breaks to the #1 Obama propaganda center MSNBC. Obamacare exemptions to large billion dollar companies. The "financial reform" bill written by and for wall street..... The list of corruption in the white house goes on and on. The people put the Chicago mob in the white house and its showing.