Group's new ad pegs Obama to Wall Street
May 14th, 2012
10:05 AM ET
11 years ago

Group's new ad pegs Obama to Wall Street

(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.

Also see:

Ron Paul to end active campaigning

RNC, Team Romney roll out debt attack on Obama

Leading progressive group attacks Romney over women's issues

Obama headlines two high dollar fundraisers in NYC

Filed under: Ads • President Obama • Wall Street
soundoff (42 Responses)
  1. BLKMANinAmerica

    LMAO................the good news here is the same can be said about each and everyone in the really who's right, who's wrong!

    May 14, 2012 10:55 am at 10:55 am |
  2. tryanothername

    Obama – Wallstreet BAD, but I'll take thier money.

    The do as I say president -not- do what I do president.

    May 14, 2012 10:59 am at 10:59 am |
  3. ThinkAgain

    @Four and the Door: "Bain Capital has saved tens of thousands of important American jobs in a variety of industries...not by cutting staff as you blindly suggest, but by investing capital and fixing business plans and strategies so that companies come back stronger and more productive."

    Do a little research and you'll soon learn that Bain targeted companies with lots of assets, took them over, borrowed against them, paid themselves handsomely, then set them adrift to try to get out from under all the debt. Some did make it, but many more failed.

    That's why it's called vulture capitalism: Because Bain and Mittens and all the others were in it for the kill, to pick the bones clean and then leave the carcass behind.

    Bain's investors made out, but American workers were laid off and American jobs were shipped overseas as a result.

    I feel sorry for you, Four, that you are unable to accept this sad truth.

    May 14, 2012 10:59 am at 10:59 am |
  4. The REAL Truth...

    @RealityBites – "JPMorgan just gave us $2 Billion worth of more proof that Obama's latest bank regulations provide more security to life long government employees than the 99%, all on the taxpayers dime, of course."
    What does JPMorgans f*up have to do with Obama's banking regulations, or should I say the toothless, watered-down version that finally made it past the Grand Obstructionist Party. You right wingnuts will come up with just about anything you can to blame on the POTUS. According to your logic, the European financial crisis – a la Greece – is has faulty also.. Get a life...

    May 14, 2012 11:00 am at 11:00 am |
  5. Etch-a-Sketch Mitt Is Soo Plastic he Makes Mannequins Looks Real

    Etch-a-Sketch Mitt Romney is WALL STREET BIGGEST FAT CAT!!!....check out his CAYMEN ISLAND AND SWISS BANK ACCOUNTS!!!

    The SHAKE DOWN OF AMERICA starts with electing Etch-a-Sketch Mitt Romney as POTUS...welcome to low paying walmart jobs, no health insurance, jobs being shipped to CHINA & MEXICO, record breaking TAX CUT's on top of GW BUSH TAX CUTS, no more govt teachers, police, firefighters, emergency workersJOBS, TRILLIONS of spedIing starting NEW WARS with IRAN & RUSSIA, your kids working as JANITORs in school toilets!!!!....these are Etch-a-Sketch Mitt Romney ECONOMIC PLANS FOR AMERICA.....remember that!!!!

    May 14, 2012 11:01 am at 11:01 am |
  6. Is Mitt a Git?

    Romney is in a great big glass house, and the Obama campaign will showcase Mitt Romney's underhanded business tactics and the rich people behind him that are trying to buy the WH for Mitt. If Mitt is so stupid as to bring this up first, then it will be President Obama that will have the last laugh.

    May 14, 2012 11:04 am at 11:04 am |
  7. Wire Palladin, S. F.

    Ever notice that everything that the GOP does that looks bad, they accuse and project that on to our president.

    May 14, 2012 11:05 am at 11:05 am |
  8. The REAL Truth...

    @Four and The Door – "He makes a strong point here about companies and organizations being their best because they consistently deliver high quality and efficiency. This is what will bring the American economy back to life...not higher taxes and more government spending. We see in 2012 how well that works."
    You are so off base it's laughable... the investment that Bain took out of MANY of these companies was invested at the CAP Gains level, so a much lower tax rate on their profits. You talk about jobs.. many of those – regardless of the good than Bain may have done – is still jobs. Efficient and effective is irrelevant when the offshore labor rate is a third (or quarter) of hours. And historically – at least over the last 100 yrs (look it up), GDP and Growth Rate has ALWAYS been higher in times of higher taxes. The whole less taxes, less govt mantra of the Grand Obstructionist Party taliban has NEVER happened. Please CHECK YOUR FACTS before spouting...

    May 14, 2012 11:06 am at 11:06 am |
  9. once upon a horse

    yep Obama is BAD for Wall Street and big business....corporations sitting on record profits TRILLIONS in fact although they are not using it to hire anybody and Wall Street not doing too shabby either. This ad will fall on death ears of those that REALLY know what's going on.

    May 14, 2012 11:11 am at 11:11 am |
  10. Belle

    When I see this ad I think I will remember who wants to regulate them and who fights tooth and nail to keep them unregulated. So...good ad. Run it often.

    May 14, 2012 11:13 am at 11:13 am |
  11. Claudia, Houston, Tx

    Mitt Romney was Bain's "Hatchet Man" whose job assignment was to make profit for Bain and forget about the "Collateral Damage" to it's employees. if Romney becomes President he will complete his "Hatchet Man" job on the 99% of Americans in support of the 1%.

    May 14, 2012 11:15 am at 11:15 am |
  12. Etch-a-Sketch Mitt Is Soo Plastic he Makes Mannequins Looks Real

    @Four and The Door
    I would vote for Allan Mulally before Obama. At least Mulally gets good results by representing the people he is working for. That is an American effort to be proud of.

    If you think Etch-a-Sketch Mitt Romney is such a competent leader and he is NOT going to feed off the American taxpayer by doubling down on GW BUSH TAX CUTS and starting trillions of new wars all around the globe, then I got his 47th MA job creation record to sell you free of charge!!!

    Ask yourself....just what is Etch-a-Sketch Mitt Romney's records, if any?.....47th in job creation in MA, passed RomneyCare which is ObamaCare, then "saved" the Olympics? Really?!!!....That's it!!!!LOL

    Hate Obama all YOU WANT...but the president has more cajones in his little finger than Etch-a-Sketch Mitt Romney and all his five sons combined!!!!

    GM IS ALIVE AND OBL IS DEAD....remember that, numbskull!!!!

    May 14, 2012 11:20 am at 11:20 am |
  13. Hugganoak

    If you want to see the pugs vision for the United States, make sure you see the hunger games. The central authorities are the 1%, with the rest of us having to fight for survival.

    May 14, 2012 11:25 am at 11:25 am |
  14. Pander Bear

    Now that's chutzpah considering you're a 501c4 that can take in unlimited funds and not disclose your donors. How about saying something about JP Morgan tanking $2B while fighting regulation with tax payer dollars?

    May 14, 2012 11:26 am at 11:26 am |
  15. Marie MD

    @four, please step out of the bubble every so often, please!
    Although I no longer work (it's been years)at one of the companies the sociorobully and bain bankrupted I can tell you that the company had been around for decades. He came in money ablazing shut down two research plants and the money he took from R&D were I used to work was used to pad his pockets and others at bain. Hundreds lost their jobs at the plants in Puerto Rico and in the US. DON'TYOU DARE TELL ME bain GIVES A RAT'S BEHIND ABOUT ANYTHING BUT MONEY!!!!

    May 14, 2012 11:29 am at 11:29 am |
  16. Four and The Door

    That's why it's called vulture capitalism: Because Bain and Mittens and all the others were in it for the kill, to pick the bones clean and then leave the carcass behind.
    If you are going to be critical of a business like Bain Capital, at least get the basic terms correct or your argument loses validity. Bain's venture capital group ( and VC's by the way have funded many of the most successful American companies such as Apple, Microsoft, Facebook, Genentech...) does not work with companies with large assets where they "pick the bones clean". Venture is early stage financing. It brings companies to life and creates huge opportunities this way. Private Equity finances struggling companies and bets on their successful turnaround, not their demise.

    May 14, 2012 11:30 am at 11:30 am |
  17. macrasta

    isn't this the pot calling the kettle hypocritical!

    May 14, 2012 11:34 am at 11:34 am |
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