Bailed-Out Banks Donating To Obama's Inauguration

Citibank executives, who are expected to ask for another billion-dollar federal bailout on top of the $45 billion in rescue funds they received in November, are trying to buy the goodwill of Barack Obama -- or they just want to help the president-elect throw the best inauguration party in history.

Of the hundreds of banks and firms which have received bailout money, Citibank
employees have contributed the most to Obama's inauguration fund -- at least $113,000 as of Wednesday.

Among those contributions is $50,000 from Ray McGuire, Citi's co-head of global investment banking, and $50,000 from Louis Susman, the recently-retired vice chairman of Citigroup.

In recent weeks, Obama has vowed changes to the much-criticized $700 billion bailout program, demanding that the second installment should focus on helping families at risk of losing their homes and small businesses, and echoing Democratic criticisms of banks giving lavish bonuses to their senior executives.

Yet, as the New York Times recently reported, many of the banks, including Citigroup, need more bailout money and have been fiercely lobbying behind the scenes for a major piece of the $350 billion second installment.

Citigroup senior counselor and former Treasury Secretary Robert Rubin was close to Obama, serving on his economic advisory team. But he recently resigned from the firm after months of criticism of his performance and his admitted failure to foresee the credit crisis.

In addition, Citigroup employees were Obama's 7th-biggest contributor, giving $586,866 to the candidate during the 2008 election cycle.

Other bailed-out banks, which have contributed to the inauguration fund, include Goldman Sachs ($44,500), JPMorgan Chase ($30,600), and Wells Fargo ($2,450).

Goldman Sachs employees were Obama's second-biggest contributor, giving $884,907 to the candidate. JP Morgan Chase employees were Obama's sixth-biggest contributor ($600,210). Morgan Stanley employees contributed $425,502 to the candidate.

Comments

[silke1]

Change is expensive.

[NABNYC]

This picture of Bob Rubin alongside Obama says it all. Rubin, with Bill Clinton, masterminded the complete elimination of all laws controlling financial activity in the U.S., the same lifting of laws which has allowed the looting and destruction of our country which we now face. Yet instead of being held accountable for what he's done, Rubin is invited to the Obama parties.

It wasn't just a bailout -- it was a giveaway of citizen's money to the same criminals in the financial elite who have destroyed our country. And the Democrats stood front and center on these bailouts, in every photo-op there was Bush flanked by Pelosi, Reid, Steny Hoyer, Barney Frank. Why did the Democrats push through this disaster? There's only one explanation: they were offered massive kick-backs. Which have already begun.

We need a new law that provide any money given by anyone in a financial institution to any politician, party, "cause," goes immediately into social security. Maybe assess a penalty on top of it. They should be prohibited from giving anything to anyone until they've repaid the billions they've stolen from the taxpayers. This is obscene, and Obama should be ashamed of taking this money.

[Agent420]

The b a s t a r d s are trying to bribe Obama with our money.

[winningticket]

These banksters belong behind bars.

[slowhand0728]

How much is this whole thing going to cost when all said and done?

[mick7191]

I had no idea that kneepads came with the bailout. Tax money well spent.

[keepacoolhead]

Mr. Obama don't fall for that one. They're just trying to get you into their pockets... .

[LiberalDemIda]

He hasn't in the past, and he definitely won't do it now.

Now, as our next president, he has more enemies waiting to destroy his squeaky-clean political image than ever before. He survived the Chicago political machine and came out clean as a whistle. I'm sure he'll do even better as CiC.

[PhilipTaylor]

Simple solution: "THANKS but NO THANKS"!

Ask Americans to help instead!

We must find new and clever ways to bypass these CORRUPT BANKS who took our futures and our Children's Futures to make $10 to $100 million Christmas Bonuses and comparable salaries!

We should use this opportunity to bypass CORRUPT BANKS borrowing government money at Very Low Rates and they turn around and charging Americans HIGH TRICKY RATES and adding massive fees. This is USURY at its worst!

Instead offer DIRECT Loans from a Government Bank to Americans at Low Rates and Low Fees to bypass these unethical Middle-Man BANKS!

[MakeAWish]

Whores and Pimps reign in Washington. This is why this bailout of banks happened. The beholden of donations to the political coffers demanded it. You don't get something for nothing.

I have zero respect for our slimy corrupt government. Even reading about it, is akin to cleaning the toilet.

[camper65]

Well, DUH!!!

[1differentdrummer]

How Republican. To avoid appearance of a quid pro quo, they should be turned down.

[camper65]

They won't be! Just how naive are you?

[SammyD]

Yes We Can-Change we can believe in Yep, never seen anything like this Certainly is a change.

[dantanna]

no wonder Obama is fighting for the next 350B - this is going to be another iraq debacle where congress does not stop the president from making a serious mistake - no more bailouts unless these banks gives us a break which they wont and unless the executives do not see a cent of it in their pay which it will not; so screw them!

[gplain]

i think you'd feel differently if your parents were on the verge of losing their house.

[jtj]

as a mechanic, how come the plant manager is able to buy a new rolls royce and people beneath him are getting laid off. Misspent bailout money.

[Kaminsrocks]

Any money from these banks should be withdrawn and put back into the Treasury. I call BS on this one, Obama. You are better than this.

[krd1598]

You're right, the money should be put back in the treasury. Secondly, no he's not..................

[Harmony1812]

I can't believe these guys. Still looking for favors? This is NOT what the money was for.

[All57States]

Obama does not have to take it. Where is the outrage?

[LiberalDemIda]

Hey! Back to do some more Obama bashing?