Does Wall Street Own Obama?

May 23, 2011by Liz Zuliani

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In the 2008 race to the White House, Barack Obama received generous funding from the top organisations. Interestingly enough, the organisations themselves didn’t donate, rather the money came from employees, owners and their families.

The top Obama campaign contributors then were:

  1. University of California, US$1,591,395
  2. Goldman Sachs, US$994, 795
  3. Harvard University, US$854,747
  4. Microsoft Group, US$833,617
  5. Google Inc, US$803,436
  6. Citigroup Inc, US$701,290
  7. JPMorgan Chase & Co, $695,132
Source: Federal Election Commission data released electronically on Monday, July 13, 2009.

Securities and investment firms donated nearly US$15 million to Obama’s campaign.

We have to ask:

Is there a connection between political contributions and bailouts?

After all, doesn’t his Wall Street bailout bill that affected unemployment across the US and offshore (till today), happen to benefit his top financial contributors?

The Democrat’s bailout bill gives big Wall Street banks a permanent, tax-payer funded safety net: “too big to fail”.

Coincidentally, Wall Street banks like Goldman Sachs are filled with Democrats. And the White House filled with Goldman Sachs top guns.

White House Chief of Staff Rahm Emanuel used to work for Goldman Sachs. Treasury Secretary Tim Geithner used to work for Goldman Sachs. Former White House counsel Greg Craig now works for Goldman Sachs. 

Fannie Mae and Freddie Mac where also government –backed and run by Democrats. They were also bailed out like Wall Street.

So should campaign contributions be regulated?

Here's a closer look at the money from the campaign finance disclosures made by candidates in their first quarterly reports of the new campaign season:

Campaign Contributions Infographic

Source: Washington Post

 

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