Guest Post: Obama Still Wall Street’s Honey … Raises More (As Both Raw Amount And Percentage) From Wall Street Than In 2008

By Washington’s Blog

Money News notes:

A just-released study by the Center for Responsive Politics shows that President Obama is relying more on Wall Street to fund his re-election this year than he did in 2008, according to CNBC, which obtained an advance copy of the report.


Obama has even added new Wall Streeters who did not work for him in 2008, including former Goldman Sachs CEO Jon Corzine, Evercore Partners executive Charles Myers, Greenstreet Real Estate Partners CEO Steven Green, and Azita Raji, a former investment banker for JPMorgan.

Obama and the DNC combined are on pace to far exceed the amounts Obama raised from Wall Street donors in 2008, both in raw dollar amounts and as a percentage of what he raises overall.

Mr. Obama is bought and paid for. He wasn’t “bullied” into accepting a bad debt deal … Republicans weren’t even calling for much of what he caved in on.

In truth and fact, Obama has fought to sell out the American people from day one.

And the Democratic party – just like the Republicans – are institutionalizing fraud as official (if unspoken) party platforms.

Politicians allowing systemic fraud in return for campaign contributions are exactly the same as cops on the take … or pimps.

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About George Washington

George Washington is the head writer at Washington’s Blog. A busy professional and former adjunct professor, George’s insatiable curiousity causes him to write on a wide variety of topics, including economics, finance, the environment and politics. For further details, ask Keith Alexander…


  1. psychohistorian

    I talked to a friend of mine last night who is/was a staunch Democrat and heavily involved in local politics. He has remove all his Obama stuff from his house.

    It seems our fascist in chief has removed the veil for many of his previous supporters to see clearly who he represents.

    Is it getting interesting yet?

    1. required

      would you consider a first time middle aged voter who STRONGLY supported obama’s election but began calling him a FR$UD more than two years ago a lifting of the veil?

      $ave the Rich: Vote D or R!! (obama taught me that)

  2. Jim Haygood

    Put yesterday’s appalling ISM survey (50.9) together with today’s market action — crumbling stocks; plunging Treasury yields; record gold price.

    This is a Depression signature. The probability that we’re entering a fresh recession, as fiscal tightening begins to bite hard, is about 60%.

    Correspondingly, the probability that One-Term Obama becomes a one-term president is about 80% and rising.

    No amount of Wall Street dirty money can buy O.T.’s re-election under these circumstances. He would lose in a landslide against a random stray dog (not that we should preclude some Senator from nominating his horse).

    The great William Banzai7 has got his number:

    1. chris

      Fiscal tightening? $21 billion less spending in fiscal 2011-12 is small potatoes. How about a tax increase to really F the economy? Got that for you to. No extension of the payroll tax cut after the end of this year.

      We will not get 3.6% growth in the third and fourth quarter this year (despite Keynesian baloney about debt being the solution). We will burn faster through the $2.4 trillion than expected (especially when Turbo Timmy pays back the other trust funds he has been borrowing from government employee pension funds.

      Only one option now- void the debts assumed by sovereigns to prop up their banks and financial services sector.

  3. slim

    Yep, what Jim said.

    My father is a Roosevelt Democrat – he wasn’t old enough to vote then, but he remembers the Great Depression and it’s aftermath very well. I have never heard him utter so much as a whisper critical of Obama (or the Democrats for that matter), and he has several times stood to defend him in my presence (yeah, he’s cool for an 80 year old)… he told me he was through after this debt ceiling deal. Through with the Obama, through with the Democrats. On one hand, I fear they have made a terrible miscalculation in not threatening to use one of the more radical solutions to solve the problem. On the other, why vote Democratic if you only get Republican-lite? Matt Taibbi pretty much sums it up for me…

    “We probably need to start wondering why this keeps happening. Also, this: if the Democrats suck so bad at political combat, then how come they continue to be rewarded with such massive quantities of campaign contributions? When the final tally comes in for the 2012 presidential race, who among us wouldn’t bet that Barack Obama is going to beat his Republican opponent in the fundraising column very handily? At the very least, he won’t be out-funded, I can almost guarantee that.”

    read the rest here…

  4. solo

    For whom is the above quite accurate reportage “news”? Not the Naderites, with their concept “duopoly”; not the erstwhile Marxists, with their concept “class allegiance” cum dictum, “Politics is the vehicle of economics” (Rosa Luxembourg); not those of us who can read, who early on noted Obama’s joining the bipartisan lie that the debt-ceiling and deficit issues were joined at the hip; not the non-American Buddhists, who know a greed-warped person when they see one. –The only persons “surprised” by Obama’s performance are those gulled by his rhetoric; their utter lack of political judgment will again be on display when (a) they next urge that Obama be what he is demonstrably not (such as a tribune of the Many) and (b) in 2012 they urge us to vote for Obama as the “lesser evil.” (“This time is different,” they will assure us.) In the meantime, they will have studiously avoided Nader’s patient explanation of the fallacies of such Reformism. (I imagine that there were those on the Titanic who fretted What We Ought To Do as the ship tilted into the abyss; which only made things more difficult for the adults with the guts/judgment to see that, indeed, “we” are on a doomed voyage.)

  5. Middle Seaman

    The Republicans will nominate an unelectable candidate such as Bachmann. This will guarantee an Obama win/reelection. The reason is simple. A Republican president will be unable to destroy Medicare and SS. Obama, however, intends now and will succeed destroying our safety net with the help of Reids and Pelosis.

    In the presidential primary we should vote for Huntsman; he’ll beat Obama easily. He is sane and we will save Medicare and SS.

    1. Valissa

      The problem with Huntsman… good on paper, lousy speech giver. Wonder if his lack of enthusiasm for giving speeches is because speeches today are basically ritualized lying and he hasn’t bought into that part yet. Plus he’s really just a less well known version of Romney in many ways, and he hasn’t raised much funds. Too bad… Huntsman at least has an interesting history, esp. the part about him being in a rock-n-roll band when he was young and trying to rebel.

    2. KnotRP

      We’re not going to make it to the 2012 election in one piece,
      so it’s not going to be about the MSM’s marketing material on lesser evils. By election time, it will be like trying to pretend Fukishima is under control.

      1. psychohistorian

        I agree. I think we will be in this space where reality is not evenly distributed.

        I especially like your reference to Fukushima where it is killing people around the world silently and it will be years before the root cause will be exposed… we have a disaster that is worse than Chernobyl and there is no reporting of it on an ongoing basis.

        In a world where information as fact bears no resemblance to what is reported” by the media, the ignorance factor of the public reaction to the hell we are about to enter is scary. The destruction of our world seems a forgone conclusion at this point. I am personally glad I did not bring any children into our world that we are leading into this hell but feel an ongoing desire to keep trying to help fix things……ARGH!!!!!!

  6. Doug Terpstra

    “Mr. Obama is bought and paid for. He wasn’t “bullied” into accepting a bad debt deal … Republicans weren’t even calling for much of what he caved in on.”

    Thanks, GW, refreshing, unvarnished truth. Why hasn’t the NYT snapped you up yet? Apparently your salary does not depend on your not seeing what journalists with cushy sinecures have never been able to see.

    Obama brings a bit of slapstick comedy to mind : Richard Pryor solo, beating himself up and dragging his own carcass across the stage.

    I’m with Jim. A stray dog as POTUS would be an improvement.

  7. kravitz

    The GOP’s real problem is the only adult who could run and win is Huntsman. And he’s a whiter Obama. So what’s the point when the real one is the real one.

  8. Mattski

    “More” (italic) money from Wall Street, as if that’s a surprise? Who does the author think Obama works for–us?

    It’s been clear for some time that this time the approach was to circumvent the people and BUY the election. It’ll be close, but I bet he’ll pull it out. The Republicans are the stick, Obama is the donkey, and the carrot is Wall St. largesse. Us, we’re just by the roadside, begging for a ride.

  9. Impeachment

    Were Pentagon cuts a part of the debt bill? (hush hush)
    Social Security, Medicare, health care for children, cancer research, national parks, environmental protection, and infrastructure repairs are in the gunsights of the beligerants. The filthy kleptocrats get richer and the military industrial complex stronger. ( Motherfu#$kers! )

  10. Patrick

    I was one of those thousands of people who braved the cold for Obama’s inauguration. Well have my expectations been roughly smashed.

    I don’t think he would have won with the current slogan for his Presidency: ‘No, I wouldn’t’.

    The reason he’s suckling up to Wall St money teat is because he knows he’ll not get the cash support from the little people this time. We realize that in terms of economic ignorance this is the third Bush President. Apparently he, like them, forgot that ‘it’s the Economy Stupid’. It may be true that in politics a week is a long time, but in economics a year is no time at all.

  11. ex-PFC Chuck

    From the Boudreaux quote in your own blog:

    Real whores, after all, personally supply the services their customers seek. Prostitutes do not steal; their customers pay them voluntarily. And their customers pay only with money belonging to these customers.

    In contrast, members of Congress routinely truck and barter with other people’s property…

    In other words, comparing politicians to prostitutes is not fair to prostitutes.

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