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. Marie MD

    With the history of bain capital that the sociorobulky has I wouldn't be throwing stones. Just remember that the flip flopper likes to fire people, he is unemployed (or so he says) and hundred of Americans lost their jobs when he, using other people's money to make money for himself, while closing companies and manufacturing plants.
    Tuis guy really has nowhere to go but down because he represents everything that is wrong with the world. The rich get richer and having a pool and a view of the golf course is so much important if you are a teapublikan!

    May 14, 2012 10:11 am at 10:11 am |
  2. Four and The Door

    "Obama won't admit to supporting Wall Street, but Wall Street sure supports president Obama."
    _________________________________________________________________________________________
    This has been obvious since 2009. Obama has been Wall Street's best friend in the federal government regardless of his faux-populace speechmaking. Look at who he has helped and the level of help that he has given these bankers. And then look at the love they show in return. Obama talks Main Street and walks Wall Street. And he is counting millions of suckers across the country to look no further than what his speechwriter put up on the teleprompter.

    Romney 2012

    May 14, 2012 10:16 am at 10:16 am |
  3. Jill

    So it's OKAY for big Wall Street guys to give multi millions to Romney and any GOPers, but not to Obama or Democrats? It's OKAY for the 6 or 7 wealthiest men in the country to give multi-millions to Romney in order to control the outcome of elections – yes just 6 or 7 individuals want to call all the shots and Romney is there with his hands out. Well, it is NOT okay in my book. I won't vote for Romney or any tea party folks.

    May 14, 2012 10:18 am at 10:18 am |
  4. NickAnast

    "Guess who gave $42 million to Obama's last campaign for president?"

    Give me a break. Guess who ISN'T giving $42 million to Obama's CURRENT campaign for president? Hint: Same answer as the first question. Why? Because Obama passed financial reforms, albeit weak ones.

    May 14, 2012 10:19 am at 10:19 am |
  5. DC

    Wow. Talk about the pot calling the kettle black. Does this group REALLY want to go there? Especially with Mitt as their candidate? Get serious! I just cannot believe this.

    May 14, 2012 10:19 am at 10:19 am |
  6. 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.

    May 14, 2012 10:19 am at 10:19 am |
  7. Gurgyl

    Bail out saved "Detroit", president passed "financial reform" And "stock act". Bain capital is in destruction. Shipped millions of jobs to CHINA. GOP is a "CULT".

    May 14, 2012 10:20 am at 10:20 am |
  8. GROVER NORQUIST IS A ENEMY OF THE STATE/ConservaFASCISTS

    Blah Blah Blah. How about this? Keep money out of politics. I sure would like to see the list of donors that contribute to the RNC and Rove's political attack machine. Disclosure please!!!

    May 14, 2012 10:24 am at 10:24 am |
  9. Larry L

    I would hope President Obama wouldn't stay at odds with Wall Street! The financial district is a critical part of America's economic power and critical in it's recovery. His financial reforms were only passed with lame Republican support. It's worth pointing out that President Bush issued the first bailout package for Wall Street.

    May 14, 2012 10:24 am at 10:24 am |
  10. They ought to change from the elephant to the hippo...

    Pot-kettle. "Hippo"pocrisy rules the GOP....

    May 14, 2012 10:25 am at 10:25 am |
  11. Four and The Door

    Marie MD
    With the history of bain capital that the sociorobulky has I wouldn't be throwing stones. Just remember that the flip flopper likes to fire people...
    ______________________________________________________________________________________
    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. This is good work to do and Bain has been very good and capable for helping American businesses. And taking Mitt Romney's good point out of context just makes you look more like a political hack. Yes it is good to be able to fire people...to have competition in efforts so that productivity and efficiency is always being worked on. 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.

    May 14, 2012 10:25 am at 10:25 am |
  12. Obama 2012 - BEND Forward America, take another 4 long years of FAILURE

    It is just like everything else when it comes to Obama. What he says and what he does are almost always two different things. The guy is a snake and not to be believed.

    May 14, 2012 10:26 am at 10:26 am |
  13. Name Patrick U

    Romney's campaign should not throw stone about Wall Street. This group should also mention that Romney supported the wall street bailout and is currently out-raising the POTUS from wall street. I can see this group opening a can of worm.

    May 14, 2012 10:27 am at 10:27 am |
  14. mcskadittle

    Maybe but Mitt is a complete wall street insider, Obama never even worked on wallstreet

    May 14, 2012 10:28 am at 10:28 am |
  15. GI Joe

    Ina Drew – Head of JP Morgan has a direct connection to David Koch. Hmmmm

    May 14, 2012 10:29 am at 10:29 am |
  16. GI Joe

    Scott Brown is Wall Street's favorite Senator. Hmmmmmm

    May 14, 2012 10:30 am at 10:30 am |
  17. GI Joe

    OK President Obama - time to show the connections between Mitt Romney and Wall Street.

    May 14, 2012 10:31 am at 10:31 am |
  18. Obama 2012 - BEND Forward America, take another 4 long years of FAILURE

    Maybe Obama is just using the Jesse Jackson shake down techniques to get money from these people? Pay Obama off or he'll come after you with regulation.

    May 14, 2012 10:34 am at 10:34 am |
  19. Etch-a-Sketch Mitt Is Soo Plastic he Makes Mannequins Looks Real

    MITT ROMNEY CAMPAIGN – "Mitt Romney helped create more jobs in his private sector experience and more jobs as Governor of Massachusetts than President Obama has for the entire nation."

    If that is NOT Mitt Romney lying through his teeth, then I got a MA 47th job record to sell you!!

    Etch-a-Sketch Mitt Romney has NONE, ZERO, ZILCH experience in creating jobs....NOT even as a "vulture capitalist" at Bain Capital, nor as GOV of MA! PERIOD!!!!

    If Only President Obama had "Let Detroit Go Bankrupt" a million auto workers jobs would have been lost and GM would have been been DEAD like OBL!!!

    But thank God OBL is DEAD and GM is ALIVE............remember that!!!!

    May 14, 2012 10:44 am at 10:44 am |
  20. Data Driven

    NickAnast pointed this out above, but it bears repeating: they're not giving as much to the President this time around because he has tried to regulate their behavior. In any case, the big firms are on record as being in the bag for Romney, so I don't understand the purpose of this ad. Why draw attention to Romney's own Wall Street connections and obligations? Why draw attention to the fact that the DJIA has doubled in value since the President took office? This ad is a loser.

    And Four and the Door: what "tens of thousands of important jobs" are you talking about? Cash register clerks at Staples? Waiters at Outback Steakhouse? Bain's record on important manufacturing jobs is clear: they were shipped from America to other countries so that the shareholders of those firms didn't have union-guaranteed wages and pension obligations cutting into the returns on their investments.

    May 14, 2012 10:46 am at 10:46 am |
  21. Andrew

    Is it me or does Mitt Romney just pick the exact wrong things to attack?
    1. Obama wall st? Mitt worked for Bain.
    2. Obamacare? Mitt instituted government run healthcare in Mass.
    3. Auto Industry? Obama was for the solution, Romney was not, no matter how much credit he takes for it!

    Mittens is a weak candidate and the GOP knows it.

    May 14, 2012 10:46 am at 10:46 am |
  22. Kevin

    Doesn't matter if Mitt is taking contributions from Wall Street. It comes down to the fact that Obama continues to chastise Wall Street to get votes but then gladly accepts their money. Of course Mitt is taking Wall Street money. Every single President has taken Wall Street money. But Obama shouldn't go around bashing Wall Street when he's taking their money. He's a hypocrite. Romney 2012. How the hell could someone be satisfied with this guy's record.

    May 14, 2012 10:51 am at 10:51 am |
  23. Etch-a-Sketch Mitt Is Soo Plastic he Makes Mannequins Looks Real

    Take a look at Etch-a-Sketch Mitt Romney's SWISS bank account and the CAYMEN ISLAND.....it's dripping wet with WALL STREET MONEY!!!

    Ask KARL ROVE about the FOREIGN DONORS and the KOCH BROTHER's WALL STREET donations...Etch-a-Sketch Mitt Romney is raking in more money from WALL STREET today than any other presidential candidate ALIVE, and his friend JAMIE DIMON just got busted with $2B HEDGING FRAUD AT GOLDMAN SACHS!!!!

    May 14, 2012 10:52 am at 10:52 am |
  24. a little sad

    "GROVER NORQUIST IS A ENEMY OF THE STATE/ConservaFASCISTS

    Blah Blah Blah. How about this? Keep money out of politics. I sure would like to see the list of donors that contribute to the RNC and Rove's political attack machine. Disclosure please!!!

    May 14, 2012 10:24 am at 10:24 am | "

    Exactly.

    If you won't tell me your name, you're not telling me the truth.

    May 14, 2012 10:52 am at 10:52 am |
  25. Four and The Door

    Etch-a-Sketch Mitt Is Soo Plastic he Makes Mannequins Looks Real
    ...If Only President Obama had "Let Detroit Go Bankrupt" a million auto workers jobs would have been lost and GM would have been been DEAD like OBL!!!
    ______________________________________________________________________________________________
    Your point has been decisively debunked already, but stay with it just for the humor it brings.
    GM and Chrysler took Obama's gift of $50 billion tax dollars and still went bankrupt. That is exactly how it went down. Where were you?

    Ford took nothing and did not go bankrupt. They survived by hard work and good products, not feeding off the American taxpayer by way of incompetent leadership. 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.

    May 14, 2012 10:53 am at 10:53 am |
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