Not only will the 2008 Presidential election be the most expensive in history, it will be first time that the Democrat Party can legitimately be called the party of the rich.
For decades the Democrats have snidely referred to the Republicans as the party of the Rich, but during this election cycle the Democrats are becoming the party of the rich and famous. Four Democratic presidential candidates — Joe Biden, Hillary Clinton, John Edwards and Barack Obama – are named among a list of leading party members who have accepted donations from the law firm of Milberg Weiss, which last year was indicted on bribery and fraud charges.
Senator Obama has already raised millions in campaign funds from such notable billionaires as Oprah Winfrey, Kenneth Griffin, head of the Chicago-based hedge fund Citadel Investment Group, one of Mayor Richard Daley’s top financial patrons. Griffin’s $1.4 billion pay in 2006 made him the second highest-paid hedge fund manager in the country, according to Institutional Investor’s Alpha Magazine.
Then there is Warren Buffet who sponsored two fund raisers in Omaha, Nebraska. One for Hillary Clinton that raised a million dollars and in the fall he sponsored a fete at his Country Club for Obama.
The network of fundraisers generating money for the Illinois senator Barack Obama’s campaign includes a lop sided representation of attorneys at well-connected law firms and members of the financial industry, including highly paid managers of hedge funds and private equity funds.
Despite this affluent support, yesterday he stood on a stage in Columbia, South Carolina with Oprah Winfrey and his wife proclaiming that he wouldn’t hand over the Government, if elected President, to the lobbyists and the rich!
Does he really believe that we the people will believe that campaign contributors who donate large sums of money do it with no strings attached?
Opra even said to the applauding audience that Obama would “stand up and change the world!” Not satisfied with saying he would change the United States, this Billionaire claimed he would change the world!
An analysis by the Chicago Tribune of Senator Obama’s Campaign contributors tends to make one wonder if this candidate is nothing more than a prevaricator like many other candidates for the White House?
The Obama campaign disclosed the names of 120 major fundraisers who had attracted at least $50,000 in contributions to Obama by June 30,2007. A list released at the end of the first quarter showed the campaign has identified 260 people who have raised that amount or more.
Half the fundraisers live in just three metropolitan regions that are seats of financial or political power: Washington, New York and Chicago. Obama’s home base of Chicago accounts for the largest proportion of the large fundraisers, about a fifth, according to a Tribune analysis.
Along with many corporate executives, the newly disclosed Obama fundraisers include a smattering of entertainment industry figures. Lawrence Bender, co-producer of Al Gore’s “An Inconvenient Truth” As is Hollywood agent Ari Emanuel, brother of Rep. Rahm Emanuel (D-Ill.). Fox Films Entertainment Chairman Thomas Rothman and BET President and CEO Debra Lee also are among them.Those major fundraisers, sometimes called “bundlers”, have an unusually large importance in financing the Democrat campaign.
Obama’s disavowal of lobbyist contributions is less than completely honest, because he still has wealthy executives who employ lobbyists raising money for him. Obama fundraiser, Robert Wolf, America’s chairman for Swiss-based UBS Investment Bank, “a foreign-owned bank” with “lobbyists in Washington.” Employees of UBS have given at least $142,000 to the Obama campaign.
Though it is impossible to know exactly how much of the $58 million Obama raised during the first half of the year came by way of “bundlers”, those on the list would not be there if they had not raised at least $50,000. That means at least $13 million of his year-to-date total came through “bundlers”.
Perhaps the greatest hypocrisy of all is the connection of the Democrats with the “Health Industry”. The majority of Democrat candidates espouse Socialised Medicine, but still the industry has given more money to the Democrats this election cycle.
In a reversal from past election cycles, Campaign records show the Democratic candidates for president are exceeding Republicans in donations from the health care industry, even as the leading Democrats in the field offer proposals that have caused deep anxiety(Socialised Medicine) in the industry.
Hospitals, drug makers, doctors and insurers gave candidates in both parties more than $11 million in the first nine months of this year, as demonstrated by an analysis done for The New York Times by the Center for Responsive Politics, an independent group that tracks campaign finance.
In all, the Democratic presidential candidates have raised about $6.5 million from the industry, compared with nearly $4.8 million for the Republican candidates. Senator Hillary Rodham Clinton of New York has amassed the most of any candidate, despite her calls for broad changes to the health care system that could pose serious financial challenges to private insurers, drug companies and taxpayers.
Among all the candidates in both political parties, Senator Barack Obama of Illinois is the No. 2 recipient of donations from the health care industry, having raised about $2.2 million, according to campaign finance records.
So don’t believe the “tales” being spun by Oprah and the candidate himself, that he will represent the “common man”. He may be the light at the end of the tunnel for Black Americans, but he, like all politicians, will be captive by his wealthy contributors if he should capture the “Golden Key” to the White House!