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January 31, 2009

Greed is good, when Dems receive Wall Street money

Ed Lasky
President Obama and Senator Dodd had no problem with Wall Street greed when it showered upon them.  Barack Obama and  Senator Christopher Dodd  were the two biggest beneficiaries of those greedy and arrogant Wall Street malefactors of wealth when it came to campaign funds.

BET's the Daily Voice Blog wrote:

Obama also expanded on blunt language he used earlier this week when he characterized as "shameful" the billions of dollars of Wall Street bonuses paid out at the end of last year even as the economy faltered. The president attacked Wall Street leaders who gave out the money while taking federal funds for their "arrogance" and "greed."

But apparently, sometimes greed is good to the Dems. According to the Wall Street Journal, Dodd "is known as a Wall Street-friendly politician", but Obama easily eclipsed him as time went on and Dodd dropped out of the Presidential primary. I wrote about Barack Obama and the leading Democrats being "in hock" to hedge funds last year:

Hedge funds are a major source of donations for Democrats. The Democratic Senatorial Campaign Committee, which Schumer heads, received $779,100 from employees of private-equity head funds in June 2007 (as the tax battle was heating up in the Senate), far exceeding the $60,000 received by the Republican Senate Committee.

Senator Chris Dodd (D-Connecticut) is a "beloved advocate of many of the hedge funds housed in his state", and has benefited mightily from donations from these hedge fund managers. . He is the head of the Senate's powerful Banking Committee that helps draft (or not) legislation regulating hedge funds.

Barack Obama eclipsed Dodd's fundraising record from hedge fund titans. Indeed, Barack Obama-after an initial promising stance regarding taxing hedge funds-backed away from the issue after briefly raising it last year. (these bold sentence should be joined with the gray box above-all are from my previous AT piece)

What is most hypocritical in Barack Obama's bashing of Wall Street is that his major supporter, George Soros, has earned billions during this financial fiasco by making trades that benefited from the collapse of various asset classes. Soros was also bad-mouthing the prospects of the American economy. Soros exacerbated the downfall which rewarded him, financially -- and his preferred presidential candidate, politically -- so handsomely 
 

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