US Leadership Increasingly Just Serves Big Corporate Donors
The Obama re-election campaign and the Democratic Party and their backers, like the organization MoveOn, are bitterly decrying the flood of corporate money going to his opponent, presumptive Republican presidential nominee Mitt Romney, who is out-fund-raising the president by an ever-increasing amount.
But there is a hollow sound to the president’s whining. Back in 2008, Obama, who had earlier said he opposed corporate funding and had promised to run his campaign using public funds only, in an agreement with his then opponent, Republican Sen. John McCain, broke that agreement and went on to accept what still remains at this point a record sum of corporate money.
By the time the 2008 election was held, Obama’s campaign had collected and spent a staggering $745 million. McCain, who had been a leader in the effort to limit corporate campaign spending, stuck with government funding and thus spent “only” $126 million on his losing general election campaign -- the amount that Obama would have also been limited to had he not “opted out” of his earlier promise to use only government funds to run for the nation’s top office.
About 80% of Obama’s campaign cash came from large donors -- either individuals or, in most cases, corporations. His second biggest donor, giving a total of $1,013,091, was Goldman Sachs, a company that later provided many of the leading economic and financial advisors to the Obama administration, and that, by late 2008, was already known to have been a key player in causing the 2008 financial crisis, and that also received enormous bailout funding from the government, both during the campaign, when Obama was running for office and President George W. Bush was still president, and then later, when Obama was president. The second biggest corporate contributor was software giant Microsoft, $852,167, a company which had serious anti-trust issues being pursued by the federal government. Third was Google, which gave $814,540, which had its own anti-trust and other issues, and fourth was JP Morgan & Chase, another mega-bank that both played a key role in causing the financial crisis, and which benefitted mightily from the federal bailout. Both Goldman Sachs and JP Morgan have subsequently played key roles in lobbying to water down any kind of serious corrective regulation of the financial industry, to block efforts to break up the too-big-to-fail banks, and to have senior banking executives criminally or even civilly prosecuted for their roles in precipitating and profiting from the global economic crisis...