Obama Following Hillary’s Footsteps…to Wall Street
More “fat cat” money.
Wait a second. I thought big banks are bad. Back in 2009, President Barack Obama called those on Wall Street “fat cats,” which helped establish an uneasy relationship between banks and the White House.
But less than a year out of office, Obama has had NO problem taking money from said “fat cats” for his speeches. Obama cannot run for president again, but remains an influence and just how will this affect a party that’s already in shambles?
Kevin Lewis, an Obama spokesman, told Bloomberg that the former president’s speeches have remained “true to his values” and that $2 million from said speeches have gone “to Chicago programs offering job training and employment opportunities to low-income youth.”
Last month, just before her [failed Democrat presidential candidate Hillary Clinton] book “What Happened” was published, Barack Obama spoke in New York to clients of Northern Trust Corp. for about $400,000, a person familiar with his appearance said. Last week, he reminisced about the White House for Carlyle Group LP, one of the world’s biggest private equity firms, according to two people who were there. Next week, he’ll give a keynote speech at investment bank Cantor Fitzgerald LP’s health-care conference.
Cantor’s CEO Howard Lutnick said that Obama “will make remarks and take questions.” He hopes that during the time Obama spends at the three day conference the current and prospective clients “will really talk about the Affordable Care Act in interesting and nuanced ways.”
2016 Democrat presidential hopeful Sen. Bernie Sanders (I-VT) and his colleague Sen. Elizabeth Warren (D-MA) have been trying to stop budding relationships between the Democrats and Wall Street. Back in April, Warren said the news of Obama’s $400,000 speech “troubled” her.
Sanders lashed out at the speech. From CNN:
“I just think it does not look good,” Sanders said. “I just think it is distasteful — not a good idea that he did that.”
While campaigning for the Democratic presidential nomination, Sanders, a hugely influential voice among progressives, often criticized opponent Hillary Clinton for her paid speeches to Wall Street banks. Many times, the senator demanded the former secretary of state release transcripts of those appearances.
“Look, Barack Obama is a friend of mine, and I think he and his family represented us for eight years with dignity and intelligence,” Sanders said. “But I think at a time when we have so much income and wealth inequality … I think it just does not look good.”
“It’s not a good idea, and I’m sorry President Obama made that choice,” he added.
Matthew Yglesias wrote at Vox that the money Obama receives for his speeches “will undermine everything he believes in.” He wrote:
Indeed, to not take the money might be a problem for someone in Obama’s position. It would set a precedent.
Obama would be suggesting that for an economically comfortable high-ranking former government official to be out there doing paid speaking gigs would be corrupt, sleazy, or both. He’d be looking down his nose at the other corrupt, sleazy former high-ranking government officials and making enemies.
Which is exactly why he should have turned down the gig.
I’m a capitalist. I personally have no problem with Obama’s speeches. But like I mentioned, this could have an affect on the Democratic Party, which is trying to put the pieces back together after an awful November…for them. And for Obama, who railed against Wall Street and implemented reforms on banks, it seems pretty hypocritical for him to do this.
Jeff Hauser, head of the Revolving Door Project, told Bloomberg that since Obama still works with the Democratic Party he should “play by the same rules:”
“He’s continuing to exercise the authority,” Hauser said, citing Obama’s support for the party’s redistricting committee and the push he gave Tom Perez in the race to head the Democratic National Committee. If he wants to play a role, “he ought to forgo a few hundred thousand here and maybe a half-million there.”
Donations tax deductible
to the full extent allowed by law.
Obama as Hillary in Drag…..
Now that’s an ugly idea.
Banks were Obama’s Masters where they not?
Who knew that preaching marxism could be so lucrative?
You mean Groucho Marxism no?
Groucho marxism would cause less damage to the nation, for sure. But no, I mean the Karl type of marxism.
“Matthew Yglesias wrote at Vox that the money Obama receives for his speeches ‘will undermine everything he believes in.”
No it won’t. Obama believes in enriching himself by lying to gullible fools, just like all socialists do.
….and just like Hillary Clinton…..
“I’m a capitalist.”
Well, so am I, but I have a big problem with these speeches, because those bankers are capitalists, too. And they aren’t spending that kind of cash for fun. They are spending that money because they know darn right and well that they are getting something in return. And that something is influence. I have a problem with former Pres. Obama getting 6 figures for speeches because it’s just another reminder that our theoretically capitalist country has devolved into a corrupt bureaucratic state. And it really p*isses me off, frankly.
I do not think the bankers are capitalists any more than the nobles were in Feudal times. They pay their dues for favorable treatment by the Royalty so they can become richer.
Nothing of substance has changed here. We are simply being fed propaganda to set up the next phase of Obama’s rule. Watch the process. The substance is only a distraction for conservatives so they don’t watch the process.
Hey, he needs the money.
Building a library with his name on it isn’t cheap!
Why can’t Obama run again. Dead white men wrote the term-limit amendment! Changing circumstances! Shut-up!
Obama has always been a rented suit. Now that the Clinton’s influence peddling days are over it’s only natural that the void be filled by somebody, but I doubt it will be Barak Obama. The bastard is too lazy to be truly useful to the community agitators with their chump change, but I suppose Wall Street can find value in paying Obama to simply shut the hell up and fade away. Can’t beat money for nothing and nothing is what Barak Obama does best.
“Look, Barack Obama is a friend of mine, and I think he and his family represented us for eight years with dignity and intelligence,” Sanders said
Examples, please, Bernie!
The traitor should remember to bow.
He should also bring Bradley manning with him. Maybe the sick Wall Street donors will pay a terrorist to ‘speak’ at one of their lunches.
So ole Barry is a true Player!
Krav Magah. I suck at it.