Obama Hosts Fundraiser In New York City, With Wall Street In Tow

President Obama is hosting a swanky fundraiser at the Mandarin Oriental in New York tonight -- and about a third of the 200 Democratic donors attending will be from Wall Street. Each donor is paying the legal maximum of $30,400.

The fundraiser comes as White House officials strongly condemn huge bonuses at firms that received bailout money.

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But Republicans are raising far more money from Wall Street. As the New York Times reported, big bankers are reluctant to contribute to President Obama. Only six or fewer donors from bailed-out giants like Goldman Sachs, JPMorgan Chase and Citigroup are expected to attend.

Part of the reason, several Democratic fund-raisers and executives said, is a fear of getting caught in the public rage over the perception that Wall Street titans profiting from their government bailout may use their winnings to give back to Washington in return. ...

Many involved, though, say the low attendance from those Wall Street giants also reflected a broader disenchantment with Mr. Obama over the angry language emanating from the White House over the million-dollar bonuses and anti-regulatory lobbying.

In fact, the reason Obama has to do so many fundraisers is "because the Democratic Party is not raising money like it did two and four years ago, and the president -- because of the lobbyist restrictions he's put on fundraising for his appearances -- is not the big draw presidents usually are," MSNBC reported.

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Comments

[maggie10]

30,000. on dinner??? I wonder what the p___ people are doing?

[roybattyjunior]

Sleeping with the enemy?

[cynthiapa]

What a racket

[tweedledeedumb]

Democratic party line...threaten to regulate Wallstreet and then give them a chance to buy you out of it. A protection racket!

[dart79]

He should have stayed home and watched the October 20th episode of Frontline on PBS. Why is Geithner, Summers and Bernancke in prominent government rolls? What is Obama thinking? Please, someone enlighten me. Please.

[tweedledeedumb]

He was thinking he could hire Clinton's team and not have to think about the economy...they'd keep it good without realizeing it was a fake economy. I could see the bubble would burst...and I'm no Goldman- sachs CEO! Nationalize Goldman!

[MyTake]

Where is the paparrazi when you really need them? Doesn't anyone want to photograph a Wall Street lawyer type that is going to drop $30K on a diner!

What a splendid money laundering scheme, these fundraisers are.

The government hands out truck loads of tax dollars to Wall Street Banks which keeps the executive bonus coffers full. But the executives feel bad when Obama rolls into town. So they take some of that government cash sitting there in their vaults and launder it back into government this way. They don't want to be seen going to this event, public outrage and all, so they have their high priced law firms bill them some phony invoices. They pay the lawyers, but these law firms have to send a couple of lawyers to the Obama fund raiser with the cash for the tickets.

So some of the TARP money is recycled into DNC HQ which will garner even more government favors (tax breaks) doled out to Wall Street corporations. The middle class is screwed again watching their tax dollars fly back and forth between corporations and the seated government.

And still the masses doth not take to the streets in protest!

[warriorpatriot]

we need a president not a "all talk no action hero doll"

[allonfla]

OMG! We got elections coming up with Dems having to go up against Right Wing nut jobs and This Fool is Fundraising? teh horror. What is he thinking trying to raise money to keep the GOP out of office.

[LuvzAmerica]

And this is why America will not be getting a strong public option....

[sandiegoconservative]

I was told this would be the 22nd fundraiser Obama has been to since being sworn in. I do not know if this is correct. Does anyone know?

[booki]

as per msnbc............u r correct

[Truthahn]

He did fundraiser #23 just a few hours ago. So many campaign promises on the backburner, but not fundraising.

[Okieborn]

Mr. President !!
Let's toast to the poor, ill, homeless and jobless and might I add to No Health coverage !!!
Also may the American citizenry toast to the CHANGE and Hope you have given us as you promised !!!

[booki]

i will toast to that, with you.
i am so dismayed. but i still have hope.
imagaine if we had MC/Palin?
whew...............
it does not make it bettter...........
i wonder what will make "it' better. when money and power and greed contrrols life.

[watchful123]

And lets toast to the committment that Americans must make to help bring about CHANGE...rather than waiting on one person.

[winthegoodfight]

The President should host a fundraiser where Wall Street donates (AKA returns) the money back to the American people.

[Promisin1]

Wall Street has returned a significant amount of TARP funds.

[tweedledeedumb]

Yeah after making billions with them. They are still getting 0% financing...what is your credit card rate???

[mypov123]

I wonder if he'll discuss the importance of personal responsibility on Wall Street during his speech...sorry, I couldn't resist lol.

[Strywever]

We desperately need campaign reform that includes public financing.

[davenav]

Hey all you cynics who just assume that because a politician takes campaign contributions, they are automatically in someone's pocket -- that is choosing to forget that it is possible to take a contribution and NOT be beholden to the giver in any way.

Obama has displayed absolutely no tendencies that say to me -- he's in Wall Street's Pocket -- far from it, he has taken a tough stance and a wise, pragmatic one it is.

He will have to do a lot more fundraisers than his well-heeled opponents, but that's great for someone like me who likes to hear great orators give substantive speeches, which is one of the rarest occurrences in all of politics.

[klondiker]

LOL. Has displayed no tendencies that tell you he's beholden to them in some way?? I guess sweeping reform of Wall Street has already been passed, obscene bonuses have already been curbed, and Treasury's public-private plan has already benefited tax payers.

Your world view sounds so pure and pristine that I almost hate to disturb it. But, money is power. Wall Street execs are not contributing out of the goodness of their hearts or because they think Obama is a nice guy. They are contributing because they want to be able to get Tim G on the phone whenever they want.