Send a Tweet
Most Popular Choices
Share on Facebook 4 Share on Twitter 2 Printer Friendly Page More Sharing
General News    H2'ed 8/9/12

US Leadership Increasingly Just Serves Big Corporate Donors

By       (Page 1 of 1 pages)     (# of views)   2 comments
Author 63
Message Dave Lindorff
Become a Fan
  (88 fans)

By Dave Lindorff

Romney and Obama are BOTH owned by Corporate America
Romney and Obama are BOTH owned by Corporate America
(Image by ThisCantBeHappening)
  Details   DMCA

This article originally appeared on the website of PressTV


The Obama re-election campaign and the Democratic Party and their backers, like the organization MoveOn, are bitterly decrying the flood of corporate money going to his opponent, presumptive Republican presidential nominee Mitt Romney, who is out-fund-raising the president by an ever-increasing amount.


But there is a hollow sound to the president's whining.  Back in 2008, Obama, who had earlier said he opposed corporate funding and had promised to run his campaign using public funds only, in an agreement with his then opponent, Republican Sen. John McCain, broke that agreement and went on to accept what still remains at this point a record sum of corporate money.


By the time the 2008 election was held, Obama's campaign had collected and spent a staggering $745 million. McCain, who had been a leader in the effort to limit corporate campaign spending, stuck with government funding and thus spent "only" $126 million on his losing general election campaign -- the amount that Obama would have also been limited to had he not "opted out" of his earlier promise to use only government funds to run for the nation's top office.


About 80% of Obama's campaign cash came from large donors -- either individuals or, in most cases, corporations. His second biggest donor, giving a total of $1,013,091, was Goldman Sachs, a company that later provided many of the leading economic and financial advisors to the Obama administration, and that, by late 2008, was already known to have been a key player in causing the 2008 financial crisis, and that also received enormous bailout funding from the government, both during the campaign, when Obama was running for office and President George W. Bush was still president, and then later, when Obama was president.  The second biggest corporate contributor was software giant Microsoft, $852,167, a company which had serious anti-trust issues being pursued by the federal government. Third was Google, which gave $814,540, which had its own anti-trust and other issues, and fourth was JP Morgan & Chase, another mega-bank that both played a key role in causing the financial crisis, and which benefitted mightily from the federal bailout. Both Goldman Sachs and JP Morgan have subsequently played key roles in lobbying to water down any kind of serious corrective regulation of the financial industry, to block efforts to break up the too-big-to-fail banks, and to have senior banking executives criminally or even civilly prosecuted for their roles in precipitating and profiting from the global economic crisis...


For the rest of this article, please go to ThisCantBeHappening!, the new independent Project Censored Award-winning online alternative newspaper at: www.thiscantbehappening.net/node/1275

 

Well Said 1   Interesting 1   Valuable 1  
Rate It | View Ratings

Dave Lindorff Social Media Pages: Facebook Page       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

Dave Lindorff is a founding member of the collectively-owned, journalist-run online newspaper www.thiscantbehappening.net. He is a columnist for Counterpunch, is author of several recent books ("This Can't Be Happening! Resisting the (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.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

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

Israel's Gaza Atrocities Recall America's Atrocities in Vietnam

Supreme Court Junket King Scalia Dies While Vacationing with Wealthy Patrons at Private West Texas Getaway

Looming climate catastrophe?: A Rapidly Warming Arctic Could Loose a Methane Climate Bomb Causing Extinction in 9 Years

Something's happening here: Clinton's Crumbling, Bernie's Surging and a 'Political Revolution' May Be in the Offing

The Case for Impeachment of President Barack Obama

Barack Obama: Manchurian Candidate Version 2.0