Thursday, January 15, 2009

Bailed-Out Citibank Top Donor To Obama Inauguration

Employees of Citibank, which received $45 billion in rescue funds in the federal bailout, have contributed the most to Barack Obama’s inauguration fund — at least $113,000 as of Wednesday.

And the bank is lobbying behind the scenes for more money from the second $350 billion installment of federal bailout funds, according to The New York Times.

Among the contributions from Citibank executives is $50,000 from Ray McGuire, the bank’s co-head of global investment banking, and $50,000 from Louis Susman, the recently retired vice chairman of Citigroup, the Huffington Post reports.

Susman also bundled $300,000 in donations for the inaugural committee.

Nearly 80 percent of the $35 million raised by Obama’s inaugural committee has come from just 211 bundlers, according to Public Citizen.

You know when the HuffPo is criticizing the Obamanaut it has to be bad:
"In recent weeks, Obama has vowed changes to the much-criticized $700 billion bailout program, demanding that the second installment should focus on helping families at risk of losing their homes and small businesses, and echoing Democratic criticisms of banks giving lavish bonuses to their senior executives.

Yet, as the New York Times recently reported, many of the banks, including Citigroup, need more bailout money and have been fiercely lobbying behind the scenes for a major piece of the $350 billion second installment.

Citigroup senior counselor and former Treasury Secretary Robert Rubin was close to Obama, serving on his economic advisory team. But he recently resigned from the firm after months of criticism of his performance and his admitted failure to foresee the credit crisis.

In addition, Citigroup employees were Obama's 7th-biggest contributor, giving $586,866 to the candidate during the 2008 election cycle.

Other bailed-out banks, which have contributed to the inauguration fund, include Goldman Sachs ($44,500), JPMorgan Chase ($30,600), and Wells Fargo ($2,450).

Goldman Sachs employees were Obama's second-biggest contributor, giving $884,907 to the candidate. JP Morgan Chase employees were Obama's sixth-biggest contributor ($600,210). Morgan Stanley employees contributed $425,502 to the candidate."


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