Obama brings purrs from Wall Street’s fat cats

By: TIMOTHY P. CARNEY
Washington Examiner
December 16, 2009

“I did not run for office to be helping out a bunch of fat-cat bankers on Wall Street,” President Obama told “60 Minutes” on Sunday, the eve of White House meeting with top Wall Street bankers. This line, and the credulous media coverage that followed, fed the image of Obama as the people’s crusader against the wealthy special interests.

But if you skip the rhetoric and focus instead on verifiable facts — campaign contributions, administration appointees, White House visitor logs, Obama’s bailouts and even his proposed regulations — you see instead that Obama may be closer to Wall Street than any modern president.

Obama raised $14.8 million from Wall Street in the 2008 election, according to the Center for Responsive Politics — more than any politician ever, and more than George W. Bush raised in both of his elections combined. From the fattest cat, Goldman Sachs, Obama raised $997,095, more than four times McCain’s Goldman haul and more than any candidate has raised from any single company since the McCain-Feingold campaign finance regulations.

Then there’s the revolving door between Wall Street and the West Wing, spinning as rapidly as ever. Citigroup’s and Goldman’s tentacles into the White House have been well-documented by Obama critics on the Right (most thoroughly by Michelle Malkin in her best-seller “Culture of Corruption”) and the Left (most famously by Matt Taibbi in Rolling Stone).

And on the substance, Obama’s policies and proposals have been a boon to Wall Street interests.

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