September 28th, 2009
08:51 AM ET
13 years ago

PolitiFact Truth-O-Meter: Goldman Sachs contributions to Obama

Editor's Note: is a project of the St. Petersburg Times that aims to help you find the truth in politics. Every day, reporters and researchers from the Times examine statements by members of Congress, the president, etc. They research their statements and then rate the accuracy on their Truth-O-Meter.

Barack Obama got many campaign contributions from Goldman Sachs

[cnn-photo-caption image= caption="Filmmaker Michael Moore speaks at a rally and march to Wall Street on September 22, 2009 in New York City."]

Liberal filmmaker Michael Moore has a new film coming out - Capitalism: A Love Story - and he appeared on Comedy Central's The Colbert Report to promote it.

The show's ironically conservative host, Stephen Colbert, defended capitalism and the bailouts of late 2008, which led to a mock debate between them.

At first, Wall Street was actually angry about the bailouts, Colbert claimed. "because it might come with strings attached," he explained. "But they forgave Obama when he didn't add any. Now all is forgiven."

"That's why you like Obama so much now?" Moore asked.

"I don't like Obama so much," Colbert said. "On this, I do. And your film is helping me like Obama, because you're a critic of his. You think he's in the pocket of guys like Goldman Sachs."

"I point out in the film that Goldman Sachs is his No. 1 private contributor," Moore answered. "But I voted for the guy. I'm still hopeful that he's going to do the right thing and side with us, and not Wall Street. But the jury's out on that."

We'll let you draw your own conclusions on their debate. We wanted to check Moore's statement about Obama's contributors and the financial services firm Goldman Sachs.

The Truth-O-Meter says: TRUE


Read more: Goldman employees gave close to $1m

Filed under: Truth-o-meter
soundoff (48 Responses)
  1. Jason

    Colbert is hilarious and I love his show while Moore is nothing but a waste of space and a hypocrite.

    September 28, 2009 09:17 am at 9:17 am |
  2. Alex

    every politician is in somebody's pocket

    September 28, 2009 09:22 am at 9:22 am |
  3. Keith in Austin

    Let's run the Truth O Meter on how dirty Barry Hussain's boney fingers are with ACORN!

    September 28, 2009 09:22 am at 9:22 am |
  4. Dominican mama 4 Obama

    And...???? What exactly is the point cnn? Do we need to revisit who contributed, and dined and wined with Bush while the attack of our country was being planned AND executed? There will always be big contributors in politics. Bush proved to everyone that it takes money to be elected not IQ. Obama has both.

    September 28, 2009 09:23 am at 9:23 am |
  5. Hugo

    I wish Mr. Moore would do some more investigating reporting on the "other" campaign donations the Obama camp received. The ones from overseas contributors that would be illegal, you know the ones from the middle east.....

    September 28, 2009 09:24 am at 9:24 am |
  6. yuri

    BHO oughta do somethin' about this campaign contribution catastrophies, so he can count on some semblance of candor, which is hard to come by these days.

    September 28, 2009 09:26 am at 9:26 am |
  7. mjm

    There is nothing wrong with taking contributions from corporations.

    There IS something wrong about taking donations from corporations and stating that you wouldn't or that you don't. Obama said he wouldn't, he does.

    Kind of makes him a....How did Wilson put it? Liar.

    So which side is in the pockets of the big banks and Wall Street again?

    September 28, 2009 09:26 am at 9:26 am |
  8. A. Goodwin

    Michael Moore is awesome, and I for one am going to see his newest movie and want to be more involved.

    That being said, I think our president needs a bit of support given the fact that while his biggest campaign contributer is a corporate least it wasn't the health care industry, NRA, or any other "right wing" nut-group!

    September 28, 2009 09:30 am at 9:30 am |
  9. G2

    Why else would we give such generous bailouts to Goldman Sachs...President Obama is bought and paid for by Wall Street firms, Unions, GE and Trial Lawyers. This is not change this is a joke. We need new politicians who are not Democrat or Republican and who do not succumb to the shady back room deals. President Obama also made a backroom deal with the Pharmacheutical much money will he make on that deal...Corrupt, Pathetic.

    September 28, 2009 09:40 am at 9:40 am |
  10. John Canada

    Wow that says alot....CNN says its true so it must be. And you wander why FOX beats you year after year after year in the ratings.

    September 28, 2009 09:46 am at 9:46 am |
  11. I like Obama

    and Colbert and Moore have nothing to do with it

    I do appreciate both of their senses of humor however

    September 28, 2009 09:49 am at 9:49 am |
  12. The Wasabe Kid

    Big companies contribute to the campaigns of anyone who might win the election. When it becomes obvious that one candidate is likely to win, the contribute more to him. Large corporations do not contribute to the candidate they agree with so much as they make contributions in the belief that it will do them some good when they ask for a favor or a deal from the government.

    Washington is awash with corporate money. It is corrupting our democracy. In addition to legal campaign contributions, corporations also provide outright bribes, pretty girls, vacations, gourmet chocolates, gifts for the family, etc. Corporations should be prohibited from spending any money at all on elections. Their employees are citizens and may contribute and vote, but corporations are not people – no matter what the court says. And, corporate money is not "free speech," it is just bribery.

    September 28, 2009 09:53 am at 9:53 am |
  13. Lcrawford

    IS this really a big deal? No matter what Pres. Obama does there are always going to be anti-Obama comments and thoughts. It really should not matter if Goldman Sachs gave him a billion dollars. It was legal money that the employees and their families donated to him to help his campaign. I really think critics of Obama should pipe it down a little and let the man be president. He has won now it is not any turning back now.

    September 28, 2009 09:53 am at 9:53 am |
  14. Q

    Big deal; the contributions were not from the Goldman Sachs entity, but rather from employees, better known as private citizens. When I make a contribution to a candidate, I am raising my voice, not my employer's.

    September 28, 2009 09:55 am at 9:55 am |
  15. Kent in CA

    And what he is not telling us is how much GS employees contributed to McCain. Anytime anyone only tells half the story, it is suspect.
    How much did Exxon-Mobile employees donate to Bush? So if our choice is to be owned by big oil or big banks, it's not a pretty choice.
    The scariest scenario is if the US Supreme Court removes the limitation on direct corporate political contributions, which is currently under review. Then the corporations will really own us.

    September 28, 2009 09:55 am at 9:55 am |
  16. The new GOP party of NO, racism, and hate is emerging and least you Rightwing NUTS forget, Bush had 47 Czars

    Haven't we debated this already?! Puhleasee...CNN, move on to better news!

    Having Colbert and Michael Moore debate capitalism is just plain STUPID; capitalism is the ONLY reason why Colbert can have a TV show; attracting advertising dollars for him to earn mega-millions paycheck; and duuuh....Michael Moore is a filmaker; profiting off of capitalism; with advertising dollars and millions worth of box office ticket sales!
    These two dufus can go live in Iran or North Korea and experience the other side of capitalism!!!!

    September 28, 2009 09:55 am at 9:55 am |
  17. Patrick

    Though this is true, what does that have to do with anything? I'd point out that even a million bucks is spit in the bucket in Obama's campaign. They backed a winner, so what? How much did they contribute to McCain/Palin?

    September 28, 2009 09:56 am at 9:56 am |
  18. James

    geeee... Goldman giving Obama that much money... that's news? Some of us said this before the election – before so many fools voted this guy into office. As for Moore... he is such a hypocrit... This is the guy that makes $352M... who relies on CAPITALISM to turn a profit from his movies... writing a movie condeming Capitalism... rigghhtttt....

    I don't supposed he is giving all that money to the people to spread the wealth around???

    September 28, 2009 10:00 am at 10:00 am |
  19. Pat F

    No! The Obamessiah has soiled his holy hands with money from the Wall Street scum? Say it ain't so!

    September 28, 2009 10:01 am at 10:01 am |
  20. Dutch/Bad Newz, VA

    Who hasn't received donations from Wall Street?

    September 28, 2009 10:05 am at 10:05 am |
  21. Joseph B

    I would like to see the list of the members of Congress and Senate who did not receive any political contributions from anyone from Goldman Sachs.

    September 28, 2009 10:05 am at 10:05 am |
  22. The black Spider

    It's the evil of capitalism. Greed, enrichment at all cost, enslavement and misstreatment of the middle class.
    How can only one person in a company named "CEO" earned 50 times more than the salary of all employees combined. That is shamefull and wrong.
    The real power in this country belongs to this small minority of 1% of the population influencing the power hungry senators through corruption and there so so little a president can do about it.
    Obama can only do a little about it and have so little room to maneouvre. Ask why FDR was assassinated.
    What is also sad is they pay some ignorants fools and they control the media as well to push their agenda.
    The doom day is coming and GOD help us all

    September 28, 2009 10:05 am at 10:05 am |

    I am so sick of these banks and Wall St running congress and our Politicans shame on you Barack!

    September 28, 2009 10:06 am at 10:06 am |
  24. aproudmemberoftheunpatrioticmob

    A lot like CNN, MSNBC, NYT, WP, ABC, CBS & NBC and a whole host of other state run media. Either Obama pulled the wool over their eyes or they are willing accomplices to the destruction of this country. I think based on their history, they are willing accomplices and traitors.

    September 28, 2009 10:07 am at 10:07 am |
  25. Willy Brown

    Moore has no problem putting his hand out.

    September 28, 2009 10:09 am at 10:09 am |
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