Wednesday, January 14, 2009 6:07 PM
Wall Street Gives Big to Inauguration
Politicians will be happy to know that at least some Wall Street bigs still have dough.
Though President-elect Obama banned donations from lobbyists and corporate political action committees to the the presidential inaugural committee, wealthy individuals have been allowed to pony up $50,000 themselves and bundle as much as $300,000.
And pony up Wall Street has. In an analysis,
Public Citizen says that nearly 80 percent of the $35.3 million in
donations received so far come from 211 individuals. Of the 5,632
donations the inaugural committee received, just 113 were from "small"
donors, or those that gave $200 or less.
Among the prominent Wall Street executives who bundled money for the inauguration: Kobi Brinson, with Wachovia ($35,000); Mark Gilbert, with the now-extinct Lehman Brothers ($185,000); Bruce Heyman, with Goldman Sachs ($50,000) Louis Susman, with Citigroup ($300,000) and Robert Wolf, chairman and CEO of UBS Americas ($100,000)
UPDATE @ 3:00PM Jan. 15. The Center for Responsive Politics has a report and analysis of inagural donors as well. Click here.
Whether people should be exercised about this or not depends on who you talk to.
"You've got to get money from somewhere so [Obama] turns to rich people," said Jan Withold Baran, a partner at Wiley Rein. "I think the donors do it for a variety of reasons, including they supported the guy in his campaign and they want to make sure they can buy tickets to the balls and parades. That is one of the privileges of ponying up money to help fund the inaugural."
Craig Holman, government affairs lobbyist for Public Citizen said he doesn't doubt that many of the donors gave because they wanted to "be part of history. But donors and bundlers who represent special interests with business pending before the government and who dole out the five-figure checks to the inaugural committee usually want a seat at the table with the new administration."
--Bara Vaida

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