According to OpenSecrets.org
, then Senator Barack Obama’s largest campaign contributors during the 2008 presidential campaign were Goldman Sachs, JPMorgan Chase & Co., Citigroup Inc., UBS AG, Google Inc. and Microsoft.
With the election season heating up, many groups are attacking both the president and presumptive Republican nominee Mitt Romney. One of the latest advertisements to hit the air in several key battleground states, including Michigan, Iowa, Florida and North Carolina, takes a look at President Obama’s relationship with Wall Street.
The $4 million American Future Fund (AFF) ad, which was produced in February and released on YouTube this month, looks at the record of the president, who voted for the bailouts of Wall Street and then claiming to be a staunch critic of Wall Street.
“It’s easy to be a critic of convenience. Except when a mountain of evidence tells a different story,” said Mandy Fletcher Fraher, spokesperson for AFF, in a press release
. “President Obama may be trying to deny his support of Wall Street but Wall Street sure supports Obama.”
The ad starts off with the president stating in a television interview, “I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.” It then repeats the lines “fat cat bankers on Wall Street” throughout the one-minute ad.
“But guess who gave $42 million to Obama’s last campaign for president,” asks the announcer. “Wall Street bankers and financial insiders. More than any other candidate in history.”
It proceeds to look at his White House cabinet, which the ad points out is full of former Wall Street executives: first chief of staff, next chief of staff, former military office director, foreign intelligence, Ambassador to Germany and Treasury Secretary.
“Obama’s new chief of staff took nearly a million-¬‐dollar bonus from Citigroup – after taxpayers bailed them out,” added the commentator. “And Jon Corzine, who lost $1.2 billion of investors’ money on Wall Street, was Obama’s adviser on the stimulus.”
At the end, a clip of the president stating “people on Wall Street still don’t get it. They don’t get it” is played.
“Obama won’t admit to supporting Wall Street,” the announcer concludes, “but Wall Street sure supports President Obama.”
Previous ads from the same group have harshly criticized the president and his administration. One ad
, for example, posted on Apr. 16, looks at Tax Day and asks the question, “How is President Obama spending your tax dollars?” It lists billions of dollars to green energy companies, $3.2 billion worth of jobs sent overseas and the spending scandal that hit the General Services Administration scandal (GSA) as ways the government has spent taxpayers’ money.
The president is quoted in the ad as saying, “This is a pretty big government.”