Obama's Money Cartel

[Ugnmoose]

We know that Hillary has taken considerable campaign contributions from lobbyists and Washington power-brokers. This article attempts to set the record straight regarding the Obama campaign. Hey I'm for full and fair disclosure. The voters deserve to know the facts. They deserve to know the truth. Do read the entire article then draw your own conclusions.

http://www.opednews.com/articles/genera_pam_mart_080226_obama_s_money_cartel.htm

snip

Wall Street, known variously as a barren wasteland for diver­sity or the last plantation in America, has defied courts and the Equal Employment Opportunity Commission (EEOC) for decades in its failure to hire blacks as stockbrokers. Now it’s marshal­ling its money machine to elect a black man to the highest office in the land. Why isn’t the press curious about this?

snip

Seven of the Obama campaign’s top 14 donors consist of officers and em­ployees of the same Wall Street firms charged time and again with looting the public and newly implicated in originat­ing and/or bundling fraudulently made mortgages. These latest frauds have left thousands of children in some of our largest minority communities coming home from school to see eviction notices and foreclosure signs nailed to their front doors. Those scars will last a lifetime.

These seven Wall Street firms are (in order of money given): Goldman Sachs, UBS AG, Lehman Brothers, JP Morgan Chase, Citigroup, Morgan Stanley and Credit Suisse. There is also a large hedge fund, Citadel Investment Group, which is a major source of fee income to Wall Street. There are five large corporate law firms that are also registered lobbyists; and one is a corporate law firm that is no longer a registered lobbyist but does legal work for Wall Street. The cumula­tive total of these 14 contributors through February 1, 2008, was $2,872,128, and we’re still in the primary season.


But hasn’t Senator Obama repeatedly told us in ads and speeches and debates that he wasn’t taking money from reg­istered lobbyists? Hasn’t the press given him a free pass on this statement?Barack Obama, speaking in Greenville, South Carolina, on January 22, 2008: “Washington lobbyists haven’t funded my campaign, they won’t run my White House, and they will not drown out the voices of working Americans when I am president”.Barack Obama, in an email to support­ers on June 25, 2007, as reported by the Boston Globe: “Candidates typically spend a week like this – right before the critical June 30th financial reporting deadline – on the phone, day and night, begging Washington lobbyists and special interest PACs to write huge checks. Not me. Our campaign has rejected the money-for-in­fluence game and refused to accept funds from registered federal lobbyists and po­litical action committees”.

[Trajan]

1. Isnt this supposed to conform to DU forum rules regarding 'Fair Use' ?

The 4 paragraph rule ?

[thunder rising]

3. It's OK if you are Hillary. The rule can be changed at any time necessary to win.

[Ugnmoose]

7. Edited to give 4 paragraphs

Are you happy now?

[ProSense]

2. Obama doesn't take money from federal lobbyists

Fact Check On Public Citizen's Claim That Obama Has Bundler Lobbyists

February 08, 2008

Public Citizen recently claimed that Barack Obama has 10 bundlers who are federal lobbyists. But none of the individuals they cite are currently registered to lobby. As an Obama spokesperson has said, the ban on accepting money from federal lobbyists is not "a perfect solution to the problem , and it isn't even a perfect symbol, but it does reflect that Obama shares the urgent desire of the American people to change the way Washington operates."

Read Public Citizen's List Here

Check Lobbyist Registrations Here

Frank Clark, NOT REGISTERED SINCE 2000

Scott Harris, NOT REGISTERED IN 2007

Allan J. Katz, NOT REGISTERED IN 2007

Robert S. Litt, NOT REGISTERED SINCE 2002

Thomas J. Perrelli, NOT REGISTERED SINCE 2005

Thomas A. Reed, TERMINATION ONLINE

Paul N. Roth, NOT REGISTERED IN 2007

Alan Solomont, NOT REGISTERED IN 2007

Tom E. Wheeler, NOT REGISTERED SINCE 2003]

Don't forget to actually check the Lobbying Disclosure Act Database

Center for Responsive Politics:

HOW TO READ THIS CHART: This chart lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization's PAC, its individual members or employees or owners, and those individuals' immediate families. Organization totals include subsidiaries and affiliates.

link

Obama's money comes from individuals who work at those companies:

Individual contributions $101,429,472 99%

PAC contributions $25 0%

[kikiek]

10. He maybe doing fancy footwork to try to hide it, but he sure has been according to common dreams

http://www.commondreams.org/archive/2007/04/22/681/
WASHINGTON - While pledging to turn down donations from lobbyists themselves, Sen. Barack Obama raised more than $1 million in the first three months of his presidential campaign from law firms and companies that have major lobbying operations in the nation’s capital.Portraying himself as a new-style politician determined to reform Washington, Obama makes his policy clear in fundraising invitations, stating that he takes no donations from “federal lobbyists.” His aides announced last week he was returning $43,000 to lobbyists who donated to his campaign.

0422 03But the Illinois Democrat’s policy of shunning money from lobbyists registered to do business on Capitol Hill does not extend to lawyers whose partners lobby there.

Nor does the ban apply to corporations that have major lobbying operations in Washington. And the prohibition does not extend to lobbyists who ply their trade in such state capitals as Springfield, Ill.; Tallahassee, Fla.; and Sacramento, though some deal with national clients and issues.

[MagsDem]

16. Oh please, I KNOW some of the lobbyists that bundle for him

You folks are so naive to believe his bullshit.

[yourguide]

21. Sure you do

sure you do...:sarcasm:

[Dogmudgeon]

4. No money from lobbyists; plenty from other corporate sources

Raising a lot of money from small donors is a Good Thing, but the idea that Obama is 100% small-donor-funded -- and Hillary gets all her money from high-rollers -- is naive at best.

It's mainly a prove-your-rhetoric move on Obama's part. He'll never say he gets no company money. It's a move in the right direction, but it's still politics. And as is usually the case in any election, it's exaggerated by the ground troops.

--p!

[yourguide]

5. This has been debunked countless times

I assume you are not a donor to any campaign, if you were you'd know that by law you are required to list the company you are employed by.

That company is reported in the totals.

However just because you work for Goldman Sachs it doesnt mean Goldman Sachs gave you money and told you who to donate to.

[Ugnmoose]

9. I beg your pardon

'However just because you work for Goldman Sachs it doesnt mean Goldman Sachs gave you money and told you who to donate to".
And what world of reality do you live in? I worked on Wall Street for many years and I can tell you that these big shots don't do anything that isn't politically motivated or in their best interest. This is not emotional for them - it is business. So please stop being so naive.

[yourguide]

13. Are you a knucklehead?

My boyfriend is a stockbroker, he donated to Obama - his BOSSES are republicans and some of them LIKE Obama more than McCain. There is no conspiracy here, nope no candidate is beholden to him or his company because he gave an INVIDUAL CONTRIBUTION. He was not given money and told to donate to Obama.

My boyfriend seems to think a better and more hopeful nature is in his best interest.

Why dont you look at the PAC donations, that should show you who is interested in corporate funds? Over $1,000,000 from corporations for Hillary, $25 for Obama. Nearly a million contributed to her by lobbyists as well.

You may not be naive but spreading lies is unpleasant business, and you may have worked on wall street but you certainly have no clue how election funds are totaled, neither does the author of that article.

So knock it off.

[Ugnmoose]

17. So your boyfriend is a stockbroker

You are the knucklehead - these are not stockbrokers who are making the contributions noted in the article. They are the big-wigs that run these Wall Street firms. They are the key decision makers and influence peddlers. As I said before - stop being so damned naive. And by the way, this was not an OP in support of Hillary Clinton. It was designed to set the record so that the Kool Aid drinkers like you get to see the world as it really is. Guess what, politics is a dirty game. And sadly it is the big money that has the most influence, not the small donors like you and I. So stop believing all of the political rhetoric. Your guy is just as dirty as the rest. And if he is fortunate enough to be nominated and elected he will also be beholden to the special interests. So sorry to bust your bubble!

[yourguide]

20. Wow

I read the article, did you?

"Seven of the Obama campaign’s top 14 donors consist of officers and em­ployees of the same Wall Street firms charged time and again with looting the public and newly implicated in originat­ing and/or bundling fraudulently made mortgages."

Perhaps you are the one who should stop believing the rhetoric and look at the FACTS, the article states it includes employee contributions. Those are INDIVIDUAL contributions and again should not be included in accusations of taking corporate funds, look at the PAC Money, THOSE are the corporate contributions.

[kikiek]

11. And rebunked even more !

http://www.alternet.org/election08/77492/?page=entire
Obama claims that he doesn't take money from lobbyists. The truth is, he is as beholden to special interest groups as all of the other candidates.
The word "lobbyist" seems to have a particular meaning in Obama's campaign vocabulary. His stump speeches imply that he is not taking money from people who want things from the government and push for them. The reality is that he has.

Significantly, the Center's lobbyist sector excludes in-house lobbyists who work solely for one company, union, trade association, or other group. These people may lobby, but their contributions are grouped in the totals for the various industries they represent, along with contributions from other employees in the sector, their relatives, whatever PAC money has been raised, and donations from trade and professional associations which, of course, carry lots of weight in the horse trading that occurs when legislation is drafted. (Corporations cannot contribute directly to candidates.)

Contributions made by the various industry sectors tell the real story in a presidential race. And Opensecrets.org shows that Obama is picking up gobs of money put on the table by these special interests -- including those involved in health care, which will surely have a lot riding on the outcome of the election and will expect to be heard after the election is over.

[Raejeanowl]

12. But You Profit When The Corporation Profits

And predatory corporations-allowed to flourish in the status quo of their practices-are in a position to reward their own handsomely and continue the donations.

Feed the beast, and the beast will provide for you.

[yourguide]

14. I worked for one of the major media groups

for a while, that is staunchly republican, I have always donated dem. so I am afraid your point is moot.

[kikiek]

6. Information that is important to know! Thanks.

[cooolandrew]

8. This is all good and well I can debunk all day long, but when you gonna sell us on Clinton?

It's about getting votes not putting people off politics that is the Republican model so that no one wants it and the only ones who come out are GOP voters. Being postitive is what this party shold be about. HATE destroys love creates....Where is the love do you examine your anger.

[MagsDem]

15. Obama is the least truthful candidate I have ever seen the dems field

I have been saying this for months, and it makes me sick the way he gets on the debate stage or stump and just lies his ass of about this stuff. The only other politician I have seen come as close to be such a blatant liar is Bush.

[CatnHat]

18. You nailed it

Obama is a liar and deceives people into believing he's something he is definitely not. His phony speeches are ad nauseam, his holier than thou attitude is sick. This country has seen enough of lies, deception, and phony words, Bush ran on "compassion", people believed him; and the rest is history. What a mess, now Obama supporters who are supposed to be liberal democrats are falling for the same tripe. What a mess.

[Yossariant]

22. You both nailed it. The comparison to Bush is inescapable.

For those who have not "Come to Obama."

[monomach]

19. I've given $1,045 to Obama.

Does that mean that he's in the pocket of the company I work for?

[Yossariant]

23. Thank you for posting this, Ugnmoose.

[Tennessee Gal]

24. Good post and good thread.

Obama is at a minimum being disingenuous.

[dcindian]

25. fallacy - Guilt by Association

So if I am an employee of a firm then I am the firm when I donate to the candidate of my choice?

Seven of the Obama campaign’s top 14 donors consist of officers and em­ployees of the same Wall Street firms charged time and again with looting the public and newly implicated in originat­ing and/or bundling fraudulently made mortgages.

I mean really what kind of smear tactic is that. What the heck is up with the Hillary camp here?