A new Republican National Committee fact sheet mocks President Barack Obama’s embrace of Occupy Wall Street protesters, noting that during his administration, Wall Street has “roared back” from the financial crisis.
Titled “Occupy Obama,” the memo implies that Obama has favoured Wall Street at the expense of average Americans.
As Joe Weisenthal points out, Wall Street profits do not provide a complete look at the health of the financial sector, which has contracted considerably while Obama has been in office.
UNDER OBAMA, “WALL STREET HAS ROARED BACK”
“During Obama’s Tenure, Wall Street Has Roared Back, Even As The Broader Economy Has Struggled.” “But both sides face an inconvenient fact: During Obama’s tenure, Wall Street has roared back, even as the broader economy has struggled.” (Zachary A Goldfarb, “Wall Street’s Resurgent Prosperity Frustrates Its Claims, And Obama’s,” The Washington Post, 11/6/11)
“The Largest Banks Are Larger Than They Were When Obama Took Office” And Their Profits Are Near The Same Heights As They Were In 2008. “The largest banks are larger than they were when Obama took office and are nearing the level of profits they were making before the depths of the financial crisis in 2008, according to government data.” (Zachary A Goldfarb, “Wall Street’s Resurgent Prosperity Frustrates Its Claims, And Obama’s,” The Washington Post, 11/6/11)
Wall Street Firms Have “Earned More In The First 21 / 2 Years Of The Obama Administration Than They Did During The Eight Years Of The George W. Bush Administration.” “Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 21 / 2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show.” (Zachary A Goldfarb, “Wall Street’s Resurgent Prosperity Frustrates Its Claims, And Obama’s,” The Washington Post, 11/6/11)
- Securities Firms Have Made Over $83 Billion In Profit Since Obama Became President, Compared To $77 Billion In The Previous 8 Years. “Securities firms — the trading arms of big banks and hundreds of other independent firms — have fared even better. They’ve generated at least $83 billion in profit during the past 21 / 2 years, compared with $77 billion during the entire Bush administration, according to data from the Securities Industry and Financial Markets Association.” (Zachary A Goldfarb, “Wall Street’s Resurgent Prosperity Frustrates Its Claims, And Obama’s,” The Washington Post, 11/6/11)
“Since Obama Became President, The Largest, $100 Billion-Plus Banks, Which Were At The centre Of The Financial Crisis, Have Grown In Size By 10 per cent.” (Zachary A Goldfarb, “Wall Street’s Resurgent Prosperity Frustrates Its Claims, And Obama’s,” The Washington Post, 11/6/11)
The Largest Banks Collected $34 Billion In Profits During The First Half Of 2011, Almost The Amount They Earned In The First Half Of 2007. “The largest banks, which include Bank of America, Citigroup and Wells Fargo, earned $34 billion in profit in the first half of the year, nearly matching what they earned in the same period in 2007 and more than in the same period of any other year.” (Zachary A Goldfarb, “Wall Street’s Resurgent Prosperity Frustrates Its Claims, And Obama’s,” The Washington Post, 11/6/11)
It Looks Like “Their Campaign Contributions Paid Off Very Well For Them”
Mika Brzezinski: “The Washington Post this morning is reporting on new government data that shows profits for America’s largest financial firms are once again reaching record highs not seen sense before the financial crisis of 2008. In fact, Wall Street firms have earned more in the first two and a half years of the Obama presidency than all 8 years of the Bush presidency. Over 85 billion dollars in profits compared to 77 billion.” Joe Scarborough: “Wait- you mean in the first two years they made more than in eight years than in the Bush administration?” Brzezinski: “That’s correct.” Scarborough: “Well, their campaign contributions paid off very well for them then.”(MSNBC‘s “Morning Joe” 11/7/11)
Obama Has “Not Shunned Wall Street,” Raking In Campaign Funds And Inviting Them To The White House For Closed Door Campaign Meetings. “The president, however, has not shunned Wall Street. He has courted financial executives for campaign donations, including inviting them to a campaign gathering at the White House.” (Zachary A Goldfarb, “Wall Street’s Resurgent Prosperity Frustrates Its Claims, And Obama’s,” The Washington Post, 11/6/11)
Obama Has Raised $15.6 Million From Wall Street For His Reelection Effort, More Money From “Than All Of The GOP Candidates Combined.” “He has attracted more money for his campaign and for the Democratic National Committee from financial firm employees than all of the GOP candidates combined — a total of $15.6 million.” (Zachary A Goldfarb, “Wall Street’s Resurgent Prosperity Frustrates Its Claims, And Obama’s,” The Washington Post, 11/6/11)
OBAMA’S OWN “WALL STREET GUY,” AND A LEADING FUNDRAISER FOR HIS REELECTION CAMPAIGN, IS BEING INVESTIGATED BY THE FBI FOR ALLEGEDLY MISUSING CLIENTS’ MONEY
President Obama: Jon Corzine Is “Our Wall Street Guy.” “The rollout also provided a showcase for Corzine, the former Goldman Sachs CEO whom Obama referred to as ‘our Wall Street guy’ at a meeting of Democratic governors in Chicago on Friday.” (Claire Heininger, “Corzine Profile Rises In Obama Camp,” The Star-Ledger (NJ),6/23/08)
Corzine’s Wall Street Firm, MF Global Has Filed For Bankruptcy. “Broker-dealer MF Global, headed by former New Jersey governor and Goldman Sachs chairman John Corzine, has filed for bankruptcy protection, apparently because of holdings of European debt.” (“Broker-Dealer MF Global Files For Bankruptcy,” USA Today, 10/31/11)
Hundreds Of Millions Of Dollars In Customer Money Has Gone Missing From” Corzine’s Firm. “Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday.” (Ben Protess, Michael J. De La Merced And Susanne Craig, “Regulators Investigating Mf Global For Missing Money,” The New York Times’ “Dealbook,” 10/31/11)
- “As Of Friday, $593 Million Remained Missing From Customer Trading Accounts, According To A Person Familiar With The Regulatory Probe Of The Collapsed Firm.” (Scott Patterson, “MF Global Client Funds Still Missing,” The Wall Street Journal, 11/6/11)
Corzine, One Of Obama’s “Leading Wall Street Fundraisers,” Is Now “The centre Of An FBI Investigation.” “Jon Corzine, now the centre of an FBI investigation into the handling of hundreds of millions of dollars invested in his securities firm, was one of the leading Wall Street fundraisers for President Obama’s campaign and suggested to investors that he might take a top administration post if the president were re-elected.” (Michael Isikoff, “Corzine, Top Obama Fundraiser, Under FBI Investigation,” MSNBC, 11/2/11)
- Corzine Played A “Central Role” In Obama’s Wall Street Fundraising Efforts. “His new legal troubles, sparked by the bankruptcy filing of his investment firm, MF Global, could complicate the president’s efforts to raise money from the financial community given Corzine’s central role in those efforts.” (Michael Isikoff, “Corzine, Top Obama Fundraiser, Under FBI Investigation,” MSNBC, 11/2/11)
- Corzine Has Bundled Over $500,000 For Obama’s Reelection Campaign. (centre For Responsive Politics, Opensecrets.Org, Accessed 10/31/11)
- “Corzine Has Already Held A High-End Fundraiser And organised A Secret Meet-And-Greet Between Finance Executives And Obama’s New Chief Of Staff.” (Peter Stone, Elizabeth Lucas, John Aloysius Farrell, Paul Abowd and Rachael Marcus, “Obama Campaign Reports More Than 350 Big Bundlers, Including Solyndra Figures,”Iwatch News, 10/14/11)
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