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.
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":
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).
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.