(CNN) – A conservative non-profit will spend $3.4 million to tie President Barack Obama to the financial industry in a minute-long television ad airing in seven general election battlegrounds, the group said Monday.
American Future Fund, which previously hit Obama for his ties to bankrupt solar energy firm Solyndra and the spending scandal at the General Services Administration, goes after the president in the new spot for claiming to be a Wall Street reformer while taking massive contributions from financial sector employees.
The spot comes the same day Obama travels to New York to deliver the commencement address at Barnard College and attend fundraisers. One of his evening events is hosted by Tony James, the president of financial services firm Blackstone, and is expected to bring in more than $2 million.
"Guess who gave $42 million to Obama's last campaign for president?" a narrator in the spot asks. "Wall Street bankers and financial insiders, more than any other candidate in history."
The ad uses clips of Obama criticizing Wall Street banks to paint the president as a hypocrite for calling for financial reform while still accepting massive contributions from powerful bankers.
"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," Obama says in a clip of a "60 Minutes" interview in 2009.
The ad points out, "Obama voted for the Wall Street bailout."
Obama, then a senator, did vote to pass the Emergency Economic Stabilization Act in 2008, a measure that was proposed by Henry Paulson, the treasury secretary under President George W. Bush.
In the American Future Fund spot, the narrator lists members of Obama's cabinet and West Wing staff who have links to big banks, including former Democratic New Jersey Gov. Jon Corzine, whose firm MF Global declared bankruptcy in October, losing investors millions.
Corzine was a major bundler for Obama's presidential campaign. The Obama team announced in December they were returning all of Corzine's donations, which totaled $70,000.
The ad concludes with the statement, "Obama won't admit to supporting Wall Street, but Wall Street sure supports president Obama."
CNN's Kevin Bohn and Kevin Liptak contributed to this report.