Obama Administration Has Many Ties to Big Banks--And Protesters Occupying Wall Street Know It
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“The idea that someone would help plan, advocate, and carry out an economic policy that played such a crucial role in the survival of a financial institution -- and then, less than two years after his administration took office, would take a job that (a) exemplifies the growing disparities the administration says it's trying to correct and (b) unavoidably will call on knowledge and contacts Orszag developed while in recent public service -- this says something bad about what is taken for granted in American public life.”
Before that, Greg Craig, Obama's White House counsel, fled for the greener pastures of Goldman Sachs. This was just days after the SEC charged Goldman with securities fraud, alleging it snuck in a crooked subprime mortgage scheme before the collapse of the housing market. Everyone can be reasonably certain that it was useful having a lawyer well connected with the White House, despite Goldman’s insistence, credible to no one, that he was hired merely for his competence as a lawyer.
The first time around, Obama dominated in the field of raising Wall Street cash, his haul from Goldman eventually totaling some ten times what Enron contributed to Bush. It appears that the bankers will be heading back to the Republican side this time around, Mitt Romney having raised more than twice the Wall Street cash Obama has. But don’t let the fundraising situation fool you: President Obama’s personnel and legislative priorities have shown very clearly what side he is on, and it isn’t with the 99 percent.
The president is good at producing nice words, but don’t expect (as right-wing pundits Tim Carney and David Freddoso do) the occupiers of Wall Street to get in line with the Obama 2012 campaign. Even the unions that have declared solidarity with the Liberty Plaza Park campers appear ready to treat the Democratic Party as an entity hostile to the needs of the 99 percent.
Obama sowed rotten seeds on this one early on. If he reaps a rotten political crop later on, he’ll have no one to blame but himself.