| Obama's Money Cartel: How Barack Obama Fronted for the Most Vicious Predators on Wall Street |  |  |  |
| Presidential Politics 2008 - Obama | |
| Wednesday, 07 May 2008 | |
by Pam Martens The candidate that claims to be the only presidential contender who doesn't take money from lobbyists is in fact the biggest recipient of lobby-related contributions. Barack Obama rakes in millions from law firms serving the interests of Wall Street, including the financial institutions that gave us the subprime lending crisis. Lawyers that work for firms that earn hundreds of millions of dollars for lobbying may technically not be lobbyists, but they share in their colleagues' earnings as influencers of Congress - a legal loophole that allows Obama to claim his hands are clean of lobby loot. "The top contributors to the Obama campaign are the very Wall Street firms whose shady mortgage lenders buried the elderly and the poor and minority under predatory loans." Obama's Money Cartel: How Barack Obama Fronted for the Most Vicious Predators on Wall Street by Pam Martens This article is the result of a special investigation undertaken by Counterpunch, orignally printed in 2 parts, here and here.. "The top contributors to the Obama campaign are the very Wall Street firms whose shady mortgage lenders buried the elderly and the poor and minority under predatory loans."
Walk into any of the largest Wall Street brokerage firms today and you'll see a self-portrait of upper management racism and sexism: women sitting at secretarial desks outside fancy offices occupied by predominantly white males. According to the EEOC as well as the recent racial discrimination class actions filed against UBS and Merrill Lynch, blacks make up between 1 per cent to 3.5 per cent of stockbrokers - this after 30 years of litigation, settlements and empty promises to do better by the largest Wall Street firms. "How can ‘we,' the people, make change if Obama's money backers block our ability to be heard?" 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? "Candidates typically spend a week like this - right before the critical June 30th financial reporting deadline - on the phone, day and night, begging Washington lobbyists and special interest PACs to write huge checks. Not me. Our campaign has rejected the money-for-influence game and refused to accept funds from registered federal lobbyists and political action committees." The Center for Responsive Politics website allows one to pull up the filings made by lobbyists, registering under the Lobbying Disclosure Act of 1995 with the clerk of the U.S. House of Representatives and secretary of the U.S. Senate. These top five contributors to the Obama campaign have filed as registered lobbyists: Sidley Austin LLP; Skadden, Arps, et al; Jenner & Block; Kirkland & Ellis; Wilmerhale, aka Wilmer Cutler Pickering. "Many of these individual donors share in the profits generated from lobbying." On February 10, 2005, Senator Obama voted in favor of the passage of the Class Action Fairness Act of 2005. Senators Biden, Boxer, Byrd, Clinton, Corzine, Durbin, Feingold, Kerry, Leahy, Reid and 16 other Democrats voted against it. It passed the Senate 72-26 and was signed into law on February 18, 2005. Here is an excerpt of remarks Senator Obama made on the Senate floor on February 14, 2005, concerning the passage of this legislation: "Every American deserves their day in court. This bill, while not perfect, gives people that day while still providing the reasonable reforms necessary to safeguard against the most blatant abuses of the system. I also hope that the federal judiciary takes seriously their expanded role in class action litigation, and upholds their responsibility to fairly certify class actions so that they may protect our civil and consumer rights...." The Senate also received a desperate plea from more than 40 civil rights and labor organizations, including the NAACP, Lawyers Committee for Civil Rights Under Law, Human Rights Campaign, American Civil Liberties Union, Center for Justice and Democracy, Legal Momentum (formerly NOW Legal Defense and Education Fund), and Alliance for Justice. They wrote as follows: "Obama helped gut one of the few weapons left to seek justice against giant corporations and their legions of giant law firms."
If there had been equitable distribution of subprime loans, losses for white people would be 44.5 per cent higher and losses for people of color would be about 24 per cent lower. "This is evidence of systemic prejudice and institutional racism." Pam Martens worked on Wall Street for 21 years; she has no securities position, long or short, in any company mentioned in this article. She writes on public interest issues from New Hampshire. She can be reached at
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" href="mailto:%20%3Cscript%20language='JavaScript'%20type='text/javascript'%3E%20%3C!--%20var%20prefix%20=%20'ma'%20+%20'il'%20+%20'to';%20var%20path%20=%20'hr'%20+%20'ef'%20+%20'=';%20var%20addy50955%20=%20'pamk741'%20+%20'@';%20addy50955%20=%20addy50955%20+%20'aol'%20+%20'.'%20+%20'com';%20document.write(%20'%3Ca%20'%20+%20path%20+%20'\''%20+%20prefix%20+%20':'%20+%20addy50955%20+%20'\'%3E'%20);%20document.write(%20addy50955%20);%20document.write(%20'%3C\/a%3E'%20);%20//--%3E\n%20%3C/script%3E%3Cscript%20language='JavaScript'%20type='text/javascript'%3E%20%3C!--%20document.write(%20'%3Cspan%20style=\'display:%20none;\'%3E'%20);%20//--%3E%20%3C/script%3EThis%20e-mail%20address%20is%20being%20protected%20from%20spam%20bots,%20you%20need%20JavaScript%20enabled%20to%20view%20it%20%3Cscript%20language='JavaScript'%20type='text/javascript'%3E%20%3C!--%20document.write(%20'%3C/'%20);%20document.write(%20'span%3E'%20);%20//--%3E%20%3C/script%3E">pamk741@aol.com Comments (14)  BAR, the link you embedded to counterpunch is the wrong story written by gess , May 07, 2008 Here are the two parts: Part one http://tinyurl.com/462hpq Part two: http://tinyurl.com/4ucuw4 Grassroots? written by mozella , May 07, 2008 I've always suspected that Obama's grassroots internet fundraising is a smokescreen to cover huge infusions of corporate cash. It's hard to understand how any relative unknown could organize a machine of the size and efficiency that he has right out of the gate. Lies!! written by Tone , May 07, 2008 Tell it like it is, Obama, clinton, mccain are all apart of the same stage play. When it's said and done, corporations will continue to make profits and american primacy will continue to prevade throughout the world. More and more common people will struggle while we argue over who's the better candidate. I know we have to have someone in the white house, but the history of voting has shown the american people what the powers that be really think about the people. When it comes to elections, no matter what the popular vote is, the electorial college and so-called super delegates can still vote whatever candidate they choose. MY question is; is this a true democracy? Just because you can go to the mall and buy expensive irrelevant clothing does not mean you are free. They have a disregard for the american people and your favorite candidate is apart of the same scheme. When someone really steps up and question the amount of aid going to corporations in Iraq, Afghanistan, Israel, Egypt, Colombia, Rwanda, Uganda, Ethiopia, etc.., then I would say that's a great candidate. Most of that aid going to those countries I've mention, does not reach the common people. It goes to the coffers of those incompetent leaders who is doing nothing but draining their own country for the sake of money. That aid could be used right here in america. When a real candidate speaks on those issue's, that's your man, or woman. thank you, BAR writers, for your voices & truths written by vbonnaire , May 07, 2008 When I read about what he had signed into law I couldn't believe it, not for the working class of any color. You have written this so perfectly, and I want to tell you that in my lifetime, I have never seen an election as corrupt as this one. Somehow, this corruption is denigrating the entire Civil Rights movement. It's the Presidents value systems that matter most to me. Skin color has nothing to do with it. I hope you don't mind if I quote from this piece in my blog. I hope to drive other intelligent readers over here. Thinkers of all colors who care what happens to the poor in this country. When I worked as a therapist for homeless mothers and children, I saw the face (many colored) of something so horrific you cannot believe it. Children being born under shrubs by the side of the road. Second generation. Thank you. And thank you Glen Ford too. Once I said I wished it were him or Colin Powell for Pres. I said it because they seem to be "Black Americans." What I mean is that they understand the Black Experience that the Obamas do not speak for. As each day goes by, I lose respect for his principles. His principles do not speak for the America I know, and love. Ain't it beautiful how the corporate media works? written by Brian , May 07, 2008 On the basis of this story alone, Obama is a massive hypocrite who would be exposed in any honest media publicity system. This issue carries so much potential to knock him out of the race for the fraud and con that he is that in any credible media system he would have fallen by the wayside with Dodd and Biden. Isn't is neat how the media works? Nobody up on the big stage or with the big microphone asks him about the issues Pam Martens raises. And the beauty of it all: they don't have to be told to avoid it. Orwell would be impressed. Media blackout written by Leisa , May 08, 2008 I am so perplexed by the media. Why are they not reporting these things?? Money is the great corrupter. Remember how everyone thought Bush Jr. was great because he could raise huge sums of $$. Politicians love money as much if not more than power... I am concerned that the interests of the American people are being sidelined by the interests of BIG $$ and international companies. It is not just corporate America that wants access to our coffers. Thanks for the great article. We have patriots working to bring light in this time of media blackout. amazing written by mark , May 09, 2008 great article, more people need to read it and ponder on the fate of Obama the fraud. Typical written by Mary , May 09, 2008 Lotta hoodwinking and bamboozling going on in the Obama campaign. Would that his own "people" would see it for what it is. 30% interest rates on credit cards DESTROY the very people on the Southside of Chicago that Obama purports to have cared about. He's playing the big leagues, now, and he'll toss those people as irrelevant the same way he has tossed the "white working class." It's not about race. It's about $$$$$$$ and power. Obama is the new boss, same as the old boss. Money Trail written by S. Murph , May 09, 2008 Thank you Pam Martens for shining the light of truth on the Obama black hole. As one commenter said quote†It's hard to understand how any relative unknown could organize a machine of the size and efficiency that he has right out of the gate†unquote. Now we know how he has been able to compete with the Clinton machine. The connection is real clear. Obama graduated magna cum laude from Harvard and was president of the of the Harvard Law Review. When you are part of the magna cum laude crowd and they are connected to the Wall Street Big Ballers who are the REAL SHOT CALLERS and they start throwing tons of money at you, ambition/submission takes over and you dance to the tune that they want. This is where he forged friendships/relationships with the people who helped organize, fund and manage his campaign. Ms Martens article exposes the MONEY trail that has propelled Obama’s campaign to where it is at now. This IS NOT A GRASSROOTS MOVEMENT by any stretch of the imagination. It is a well financed well packaged and well choreographed marketing campaign masquerading as a movement. The problem for lot of us is ether we do not know or do not want to know the difference between a movement and a marketing campaign (think stuck on STUUUUUPID). Being a child of the sixties I know the difference between a movement and a marketing campaign. MOVEMENTS are not funded by Wall Street law firms and investment bankers. Movements are not managed by image makers and stylists. MOVEMENTS are not framed and projected with all the media hype and saturation that all that Wall Street money and image making can buy. MOVEMENTS happen when people stop falling for the same ole divide and conquer game that is being pushed on all of us non stop. MOVEMENTS happen when people finally start thinking and acting on ONE accord. MOVEMENTS happen when people stop beating each other up about our differences and start embracing all the things that we all have in common. Peace S Murph Movements written by mozella , May 09, 2008 Movements don't come with their leaders in place, already selected by others. Meet President Obama... written by Karim B , May 14, 2008 The future President of a crumbling empire. Just how Prez Obama will react when foreigners stop using dollar as reserve currency and stop funding US expenditures? Another black president at the head of another ruined and bankrupt state all thanks,once again, in great part to the greediness and stupidity of Wall street traders and western imperialist policy makers. Thanks Pam and Keep THIS Up!!! written by jack , May 25, 2008 I believe it is very important for all of us who care to stay informed and connected, to remain vigilant. The last remaining bastion for peace lies within all of us, not as individuals, but as a collective. The internet is where this is possible, though THEY are constantly attacking this effective tool of communication. The corporate cronies have once again hoodwinked the masses and it looks as if there power grows every day despite our efforts to slap the sleepy 'messes' we call citizens of The 'United' States of America to attempt to revive them from their comatose state of apathy. There plan has been carefully orchestrated over a long period of time and will not be disassembled over night, as THEY control over half of the worlds resources. This IS what this is all about. There is a great book for anyone who wishes to take a crash course in geopolitics and the way it has developed over the past two centuries to become the juggernaut Iron Triangle we all know exists today. It is an Anthology, called, "The Way the World Really Works". I suggest this book to every American, nay I THRUST it in your face and use it to hit you harder, you sandy eyed dopes I love so dearly. I am currently teaching in China yet I have never been more interested in learning about the U.S.... quite paradoxical no doubt. Good Luck All Keep up the good fight Pam!!!  I am always for questioning our candidates.... written by Xavier , June 04, 2008 and speaking truth to power, but I must say this article, regardless of its veracity, amounts to a weak argument. If you take a look at the donor list on opensecrets.org, all the contributions were from individuals. The site explains that contributors who donate over $200 must declare where they are employed. So if an employee of Goldman Sachs contributes more than $200, they are tallied under Goldman Sachs. This does not mean he is taking corporate money in this campaign. This is America after all and an individual may contribute to any campaign regardless of where they work or who they work for. I think it would be rather drastic for Obama to single out individuals based on where they are employed. It's easy to be cynical in this day and age, but you must give someone credit when they are pushing boundaries by not only abiding by current campaign finance law, but going above and beyond it. He has not taken a dime from 527s, PACs in this campaign. He has also requested David Brock (of mediamatters.org) to shut down his 527 group designed to attack McCain. That move shows Obama is quite different from the status quo. The argument put forth of a quid pro quo in regards to the Class Action Fairness Act of 2005 is tenuous at best. Congress members vote yes or no based on a variety of reasons, sometimes they are influenced by special influences, sometimes it is a high minded symbolic action, sometimes local spending projects are attached, and sometimes it is just the basic politics of compromise. Can you really tell from this article what the circumstances of this vote were? No. It's obvious that the bill passed overwhelmingly, so technically his vote did not make a difference to the final result. Was he compromising on this bill in order to get something else from someone? The could be a situation where he voted yes in order to get Republican support on a bill such as the "Obama, Lugar Secure Funding for Implementation of Nonproliferation Law." The questions raised in this article are legitimate, but Ms. Martens argument seems flimsy and one dimensional. Flimsy? Not by a long shot. written by wondering , June 08, 2008 This is anything but one dimensional. That seems more of a diffusement statement than an informative one, unless you’re saying he didn’t take the money mentioned above. If anything, this should make us look more closely at this man called Obama. If you add up the dollars, it means something, so the argument that he is "not different" is anything but flimsy. For one thing, many "quit" their full time lobbying professions to help Obama figure out how to work this money machine. Also, if he pandered the above bill damaging his constituents, to get another passed that he wanted, then he is “playing politicsâ€, as he said he does not. He is no different than any other politician in any genuine good sense, in the best case scenario. In the worst case, he is actually denigrates the advances Dr. King strived to help us achieve us as a nation, and any exploited person, or person who cares about them should have nothing to do with the man. It’s not that blacks should be better, but it would be regretful if the first black president reaches new paramounts of deceit against the people. There is a subtle contract that the other candidates are lying. Obama is basing his bid on the case that he is the only one that is not. Yea, right. | |
Wall Street, known variously as a barren wasteland for diversity or the last plantation in America, has defied courts and the Equal Employment Opportunity Commission (EEOC) for decades in its failure to hire blacks as stockbrokers. Now it's marshalling its money machine to elect a black man to the highest office in the land. Why isn't the press curious about this?
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