Obama’s Corporate Support

I never intended this to be an anti-Obama site. And it isn’t. But I did note the reluctance of many to include Obama’s DLC connections and business-friendly background in their assessments of him as if they didn’t mean anything and have done my best to correct that one-sided view. Which desperately needs to be corrected.

Leave us stop pretending that Barack is some sort of latter-day saint and skip right to the uncomfortable truth: he’s been getting money from ordinary people, alright, but he’s been getting a lot more from…you guessed it: the corpo’s.

Sen. Barack Obama credits his presidential campaign with creating a “parallel public financing system” built on a wave of modest donations from homemakers and high school teachers. Small givers, he said at a fundraiser this week, “will have as much access and influence over the course and direction of our campaign that has traditionally been reserved for the wealthy and the powerful.”

But those with wealth and power also have played a critical role in creating Obama’s record-breaking fundraising machine, and their generosity has earned them a prominent voice in shaping his campaign. Seventy-nine “bundlers,” five of them billionaires, have tapped their personal networks to raise at least $200,000 each. They have helped the campaign recruit more than 27,000 donors to write checks for $2,300, the maximum allowed. Donors who have given more than $200 account for about half of Obama’s total haul, which stands at nearly $240 million.

Yes, boys and girls, Obama takes lots and lots of $$$ from the Big Boys of Big Business. Something those of you with stars in your eyes, but especially those of you trying real hard to find some reason to believe BO isn’t a corporate puppet, are going to have to deal with.

One more barrier on the road to Obama-Mania.

And in case it isn’t clear, Hillary’s no better,

5 responses to “Obama’s Corporate Support

  1. No, but it’s not much of a surprise. I’ve been saying right along that for all his populist campaign rhetoric, when the rubber hits the road, Obama always votes for or supports the corporate agenda.

  2. Some of this might need a little more unpacking. E.g., a $200 donor isn’t necessarily a fat-cat. I was probably approaching that to Kerry and sundry Dems when all was said and done in 2004, and while I’m not poor, I’m not rich either.

    Re the Black Agenda Report item, it would be helpful to see what % of the overall haul ($240M, says WaPo) is via the Wall Street donors Ms. Martens is writing about. It may or may not look as significant after that — though clearly one thank you note for a bundled $1M is more memorable to a candidate than 5000 thank you notes for $200 donations.

    The sheer size of the Obama haul is pretty stunning, though, with $30M and $40M *months*, and I can feel a little sick that that’s what it takes to compete and possibly win. But some credit is due for the number of small donations in those totals. My impression is that Hillary’s donor base has been much more top-heavy, though that may be changing.

  3. It isn’t the amount of individual donations that’s striking so much as the corporate bundling. That’s how corporations bought the GOP when PACs went down and the watered-down McCain-Feingold bill limited individual donations. That’s what the DLC used to keep the Dems in contention financially when they were out.

    Bundling is a little like the competitions corporate departments have for giving to the owner’s favorite charity or to buy uniforms for the company softball team. A lot of pressure comes from up top to get as much as possible from as many as possible, and in some cases I know of your job could be on the line if you don’t give what your manager considers a minimum contribution. Even if there’s no overt consequence, the feeling is you’d better pony up or forget about that promotion at the very least.

    Corporate bundling can’t be considered “individual contributions” in any meaningful sense of the word. It’s really just a way of getting around the campaign finance laws.

    I’d like to see those numbers “unpacked” too because I suspect we’d see that bundling makes up the majority of them, which in turn makes the large amounts you mention much less impressive and suggests the Black Agenda report is right on the $$$, so to speak.

  4. hello am will be very happy if am given the opportunity to have the mail address of the campaign team of the obama fund okay..i mean i want to talk with them okay…

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