Most Popular Choices
Share on Facebook 87 Printer Friendly Page More Sharing
OpEdNews Op Eds   

No Surprises Yet from Wall Street's President

By       (Page 1 of 2 pages)   4 comments
Message Mark Crispin Miller
It sure is "horrifying"--to use Paul Krugman's word--that Obama will not seize
those foundering banks, but is instead proposing to blow billions of our money on their toxic assets, far in excess of the latters' worth.

It's horrifying, but it shouldn't be surprising, considering Wall Street's long investment in Barack Obama.

Way back in the spring of 2007, that presidential hopeful outdid all the other candidates at raising money from the employees of Wall Street's top investment banks:

By June of 2008, the Center for Responsive Politics (CRP) was noting that "Wall Street seems to have selected Barack Obama for its own major investment this election cycle":

And here's a fascinating tidbit about one bank in particular: UBS, the Swiss behemoth that lost billions when that huge stink-bomb of subprime mortgages exploded. "For reasons noone can fathom, UBS of Switzerland decided that it had a larger appetite for mortgage-related instruments than any other bank in the world," reported three weeks before Election
Day. "Its balance sheet became obese with the junk and forced it to take what seemed like a write-off a week. UBS has fired so many people that it is surprising it still has someone to man the switchboard."

So it's worth noting here that Team Obama got over $1 million from UBS Americas, whose top dog was quite smitten by the candidate when they sat down to chat: "When I sat down with him, I found him to be unbelievably refreshing and smart and thoughtful," gushed CEO Robert Wolf:

(Last month, Wolf was appointed to the President's Economic Recovery Advisory Board, to lend a hand to Geithner, Summers and the other "centrists" tasked with cleaning up the very mess they helped to make.)


So here's another reason why Barack Obama won the last election--aside from his charisma, the absurd opposing ticket, the unprecedented turnout, and the extraordinary vigilance of the election monitors (and, as I and others have reported in detail, the last-minute deposition of Mike Connell, and Karl Rove's consequent decision not to steal that contest, too).

Obama/Biden also won because Wall Street was now pushing for the Democrats to win the White House, which marked a big reversal of their prior practice. Thus Obama was a candidate of "change"--and so was Hillary Clinton, the two of them receiving most of the Big Money poured forth in that race (the most expensive presidential contest ever run).

According to the CRP, the top campaign donor corporation in 2008--that is, the biggest donor to all candidates--was Goldman Sachs (at least $5 million), followed by Citigroup ($4.2 million), then J.P. Morgan Chase ($4.1 million). The industry association that donated most was the National Association of Realtors ($3.2 million):

Now, certainly Obama also got a lot of dough, in small donations, from people just like you and me. But We the People weren't the primary engine moving his campaign. True, 48% of his donations were under $200--but 43% were over $2300, while 10% were for $4600, the maximum amount allowable.

Next Page  1  |  2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Rate It | View Ratings

Mark Crispin Miller Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Mark's new book, Loser Take All: Election Fraud and the Subversion of Democracy, 2000-2008, a collection 14 essays on Bush/Cheney's election fraud since (and including) 2000, is just out, from Ig Publishing. He is also the author of Fooled Again: The Real Case for Electoral Reform, which is now out in paperback (more...)
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

This bill will kill small farms, and wreck our food supply

Scott Walker Goes To Chicago, Gets His Mic Checked! (Must-See)

Notorious Saudi prince is Fox News Corp's 4th-largest voting shareholder

Was Prop 8 Actually Defeated??

Peter B. Collins going off the air

Obama won by MILLIONS MORE than we've been told

To View Comments or Join the Conversation:

Tell A Friend