Monday, May 05, 2008

How Barack Obama Fronted for Wall Street

Counterpunch reports:
Why is the “yes, we can” candidate in bed with this cartel? How can “we”, the people, make change if Obama’s money backers block our ability to be heard?

Seven of the Obama campaign’s top 14 donors consisted 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?
That's the Chicago Way.