Lehman Brothers' Favorite Candidate
As of this morning, the fate of Lehman Brothers remains up in the air. On Saturday, government officials and financial institutions such as Bank of America scrambled to put together a package to prevent the total collapse of the subprime embattled investment bank. However, one thing is for certain, after today, Lehman Brothers will no longer exist. Even if another financial institution were to step in and bail out the Lehman, it will eventually be absorbed by the other company and another bank will fade away as a result of the banking systems own mismanagement and a federal government who has created an environment in which competition is dwindling in the financial markets.
I personally have to laugh when I listen to politicians excoriate Wall Street Financial executives for their mismanagement in recent years and policies which have endangered their institutions. After all, a federal government whose very policies have demoted competition and created fewer and more powerful financial institutions should share the blame. Moreover, the hypocrisy of these politicians is beyond belief as most Americans fail to recognize that even as their elected officials demonize these executives, they are accepting millions of dollars from them in the form of campaign contributions.
For instance, it is no secret that Senator Dodd who chairs the the powerful Senate Banking Committee has accepted millions in the past years from financial institutions. In his Presidential campaign more than a 1/3 (over $5.5 million) of the contributions Dodd received came from Finance and Banking related industries. Since 2003, Dodd has received more than $9.5 million in contributions from this sector, with an overwhelming majority of those contributions flowing in since the end of 2006.
But in the presidential campaign there is no candidate who shown a greater level of hypocrisy than Senator Obama. Obama has received over $395,000 in contributions from Lehman Brothers executives, not including the additional funds that Lehman Brothers employed bundlers have raised on his behalf.
From: Obama Subprime-Tied Contributors - Part I & Part II
Obama has also accepted campaign contributions from dozens of Lehman Brothers Executives, such as CEO Richard Fuld ($2,300), President Joseph Gregory ($4,600) and dozens of other top Lehman Executives. On June 19th, Lehman shareholders filed suit against Fuld and Gregory for the company’s exposure in the subprime market...
Theodore Janulis – Bundler (over $50,000) & Lehman Brothers Head of Global Mortgages
Francisco Borges – Bundler (over $50,000) and Chairman of Landmark Partners a private equity real estate firm.
Nadja Fidelia – Bundler (over $50,000) & Managing Director of Lehman brothers
John Rhea – Bundler & Co-head of Lehman Brothers Global Investment Banking
The listing of contributions flowing in from Financial Institutions through Senator Obama’s career is short of amazing. There are currently dozens upon dozens of Senior Vice Presidents, Managing Directors, and other top level executives from firms such as Lehman Brothers, Wachovia, Washington Mutual, Citigroup, Wells Fargo, UBS, Deutsche Bank, Merrill Lynch, Goldman Sachs, Bank of America, JP Morgan Chase, Morgan Stanley and other high profile Wall Street banks and funds mired in the mortgage meltdown.
Obama has been relentless in his attacks upon the “evil” Wall Street executives that he has blamed for the ongoing fallout from the mortgage crisis, positioning himself on a “moral high ground”. The reality is that while Obama has been slapping the mortgage companies and investment banks with one hand, he has had his other hand in their wallet.
To read more about Obama Subprime buddies click here.
Obama has received over $20 million during his presidential campaign directly from executive of Financial Services companies. Now Obama supporters will defend this stating that most of those contributions came from small donors, but in reality the campaign only reports employment info on contributions over $250. You can visit opensecrets.org and search Lehman Brothers, you will be amazed by the number of maxed out contributions.
In addition, Obama has received tens of millions of dollars from Law firms and attorneys specializing in Corporate representation:
Those who are familiar with Sidley Austin LLP understand that the firm is a large, international law firm with a large presence within the financial services and insurance industry. For instance, the firm was just recognized by Alpha Magazine as the top firm for Hedge Funds for the second year along with consistently ranking as a top corporate law firm. Obama has also accepted more than $280,000 from Skadden, Arp, et al... employees, a firm that was recently recognized as the “Best Corporate Law Firm In The United States” for the eighth consecutive year by Corporate Board Member. Skadden is another large Law firm specializing in practices related to investment banking and representing clients such as Merrill Lynch. In addition to the aforementioned law firms, Jones Day, Latham & Watkins, & Wilmerhale LLP are all large law firms and top 20 contributors to the Obama campaign. All three of these law firms also specialize in corporate law and ranking among the top ten “corporate law firms” by the Corporate Board Member.
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