After Failing to Prosecute Bankers, Obama Cashes In With Wall Street Speeches

Published on
by

After Failing to Prosecute Bankers, Obama Cashes In With Wall Street Speeches

The former president is reportedly raking in $400,000 per speech to massive financial firms

Former U.S. President Barack Obama speaks during the Seeds&Chips Global Food Innovation Summit on May 9, 2017 in Milan, Italy.

Former U.S. President Barack Obama speaks during the Seeds&Chips Global Food Innovation Summit on May 9, 2017 in Milan, Italy. (Photo: Pier Marco Tacca/Getty Images)

Less than a year has passed since he departed from the White House, and former President Barack Obama has already joined the "well trod and well paid" Wall Street speaking circuit, a decision many argued will negatively impact the Democratic Party's credibility as it attempts to fashion a message around taking on corporate monopolies, tackling income inequality, and loosening the insurance industry's control over the American healthcare system.

"This is a really crappy thing to do to the people who poured their hearts into his campaigns and administration."
—Matt Stoller, Open Markets Institute
According to a Bloomberg report published Monday, Obama has in the last month delivered two speeches to massive financial firms—Northern Trust Corp and the Carlyle Group—for around $400,000 a pop, and he is slated to attend a three-day conference hosted by Cantor Fitzgerald next week, for which he will make another $400,000.

Former Secretary of State Hillary Clinton faced a wave of intense criticism following her paid speeches to Wall Street during the 2016 presidential campaign, and later conceded that they weren't politically wise.

Obama, however, doesn't appear to harbor any concerns about the political impact his speeches may have—a fact that could be problematic for the Democratic Party, Bloomberg's Max Abelson notes.

"While he can't run for president, he continues to be an influential voice in a party torn between celebrating and vilifying corporate power," Abelson writes. "His new work with banks might suggest which side of the debate he'll be on."

News of Obama's decision to "cash in" following his eight-year presidency drew significant ire, particularly given his administration's failure to enact sufficient structural changes to the financial system following the worst economic collapse since the Great Depression.

As Abelson observes, Obama's "Justice Department prosecuted no major bankers for their roles in the financial crisis, and he resisted calls to break up the biggest banks, signing a regulatory overhaul that annoyed them with new rules but didn't stop them from pulling in record profits."

Responding to Bloomberg's report, a Twitter user asked Ryan Cooper, national correspondent for The Week, what a person could do in order to receive $400,000 for a single speech.

Cooper responded with a two-step plan:

Others reacted similarly to the former president's lucrative speeches, noting that given Obama's continued power over the direction of the Democratic Party—which was demonstrated in his successful push for former Labor Secretary Tom Perez to become chair of the Democratic National Committee over Rep. Keith Ellison (D-Minn.)—is reason enough for him to abandon the Wall Street circuit.

"This is a really crappy thing to do to the people who poured their hearts into his campaigns and administration," concluded Matt Stoller, a fellow at the Open Markets Institute. "Hillary Clinton publicly talking about why she lost [the 2016 election] is far healthier than private speeches to the Carlyle Group."

For investigative journalist Nomi Prins, Obama's Wall Street speeches are indicative of the deep, inescapable influence the nation's largest financial institutions exert over political discussion and policy in the United States.

"Wall Street knows no party," Prins concluded.

Views: 120

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

MAC posted a video

TRUMP ADVOCATING FOR PEACE, CABINET PICKS ADVOCATE WAR

The Trends Journal is a weekly magazine analyzing global current events forming future trends. To access our premium content, subscribe to the Trends Journal...
13 hours ago
Doc Vega posted a blog post

When Will the True Reparations Be Awarded?

Americans have weathered the worst storm perhaps in American history from an intentionally…See More
22 hours ago
MAC posted videos
Tuesday
tjdavis posted photos
Tuesday
Doc Vega posted photos
Monday
Doc Vega posted a blog post

Veteran’s Day a Time That Should Be Honored

 At a time in our confusing and idiotic history when a Democrat can’t define a woman when being…See More
Monday
Michael A. Pinson posted a photo
Monday
cheeki kea commented on tjdavis's blog post Mountain Miracle
"Thumbs up to this awesome school. Isn't it amazing that some of the greatest teachers are to…"
Sunday
cheeki kea commented on cheeki kea's photo
Sunday
cheeki kea commented on Doc Vega's blog post This is Incredible! Trump is Already releasing Plans to Dismantle the Deep State and Purge the Corrupt Players
"Oh wow he is not wasting any time. May the power of the words he just spoke resonate across America…"
Sunday
tjdavis favorited cheeki kea's video
Sunday
tjdavis favorited rlionhearted_3's photo
Sunday
tjdavis posted a blog post
Sunday
Doc Vega's 4 blog posts were featured
Saturday
cheeki kea's 2 blog posts were featured
Saturday
Doc Vega commented on tjdavis's blog post Mountain Miracle
"A creative way to get hands on participation with students and the community."
Saturday
Doc Vega favorited tjdavis's blog post Mountain Miracle
Saturday
Doc Vega posted a blog post

The Perfect Lies

The Perfect Lies Time is like an ocean with its secrets running deepLike all the lovers you’ve…See More
Saturday
tjdavis posted blog posts
Saturday
tjdavis posted a blog post
Nov 8

© 2024   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted