Wednesday, April 26, 2017

OBAMA CALLING IN HIS WALL STREET CHITS

Remember back in 2008 when Obama made sure that Wall Street banks got bailed out while at the same time ignoring the plight of Main Street Americans who had to foot the bill?

Well, it looks like those favors will not go unrewarded, though it's not going to be Main Street that reaps the benefits.

Former president to receive $400,000 for a speech while most Americans have under $500 in their savings accounts

According to a new report, former President Barack Obama is scheduled to speak at a Wall Street conference and will receive $400,000 for his services. The conference is organized by Cantor Fitzgerald, an investment firm that was fined $22.5 million in 2016 for aiding and abetting illegal gambling and $7.3 million in 2015 for selling unregistered microcap shares.

The report was scoffed at by neo-liberals who staunchly defend Hillary Clinton’s ties to Wall Street. Throughout her presidential campaign, she delivered speeches to Goldman Sachs and other banks. Clinton loyalist and former adviser Peter Daou tweeted, “I’d like to hear what @BernieSanders has to say. Will he call Obama corrupt? Will he contemptuously say, “Must be some speech”?” Sanders should, and if he does, he would be right on both accounts. There is no benefit to the Democratic Party or its voters for the party leadership to ingrain themselves with Wall Street firms.

During a speech on April 24, Obama said, “Because of money and politics, special interests dominate the debates in Washington in ways that don’t match up with what the broad majority of Americans feel.” He is right, and people also feel that way because public officials court those special interests immediately upon leaving office. The solution to getting money out of politics isn’t politicians getting paid by financial firms to give a speech, stacking cabinet and advisory positions with former bankers, or accepting millions of dollars of campaign donations from them.