Follow the Money

The bailout bill resulted in $700 billion of taxpayer funds, much of it going to Wall Street firms who will pay out an estimated $70 billion in bonuses this year.  So what do people from Wall Street buy with their profits from engineering housing bubbles and the resulting bailouts?  Check out the top contributors to the two leading candidates…

John McCain: Barack Obama:
Merrill Lynch $359,070 University of California $909,283
Citigroup Inc $296,151 Goldman Sachs $874,207
Morgan Stanley $262,777 Harvard University $717,230
Goldman Sachs $228,695 Microsoft Corp $714,108
JPMorgan Chase & Co $215,042 Google Inc $701,099
US Government $195,505 JPMorgan Chase & Co $581,460
AT&T Inc $185,063 Citigroup Inc $581,216
Credit Suisse Group $178,053 National Amusements Inc $543,859
PricewaterhouseCoopers $166,470 Time Warner $508,148
Blank Rome LLP $161,826 Sidley Austin LLP $492,445
Wachovia Corp $159,107 Stanford University $481,199
US Army $158,170 Skadden, Arps et al $473,424
UBS AG $147,465 Wilmerhale Llp $466,679
Bank of America $143,026 UBS AG $454,795
Greenberg Traurig LLP $142,137 Latham & Watkins $426,924
Gibson, Dunn & Crutcher $141,446 Columbia University $426,516
US Dept of Defense $129,725 Morgan Stanley $425,102
FedEx Corp $125,654 IBM Corp $415,196
Lehman Brothers $115,707 University of Chicago $414,555
Bear Stearns $113,050 US Government $400,819

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  1. I’d like to share a correspondence I had with a friend this morning .. here it is:

    Lori, thanks for that report. I’m delighted for you that you were able to experience Chicago’s euphoria first-hand. I actually WATCHED the returns on tv last night (I don’t usually watch tv) and it was a momentous occasion, I will say that. That crowd in Grant Park was awe-inspiring, and Obama’s acceptance speech was grande oratory .. he has the Golden Tongue, I will give him that.

    As I learned many years ago in the Landmark Forum, human beans are hope addicts. Bam-Bam is just the crack this nation, and the world, has been sorely in need of, and everyone just got a big ’ole jolt-dose of it! But nothing, and I repeat, NOTHING, has changed by this election. Yes, the African Americans have their president, finally, and good on them (too bad their plight will not be changed one iota by it). And in a couple of months history will finally bid adieu to Dubya, Inc. (lordy, lordy, that’s reason to party!!). But this morning our country is still bankrupt. It’s still the epicenter of planetary organized crime. It’s still the biggest per capita consumer of natural resources. It’s still oil dependent. Most importantly, it’s still being run by a banking cabal to which the new Prezelect is completely beholden. If you need evidence of that, read if for yourself:

    Unfortunately that means the organized crime syndicates will remain in charge, the U.S.’ contribution to global warming will continue unabated, war will rage on, and sustainability and lasting peace will remain a distant Dream. Except, that is, for when and where we choose to be the change we seek. So how’bout we stop pinning our hopes on someone else and start pinning it on ourselves. Real change can and will come a lot quicker that way.

    Every day is a new day for me, because every morning I elect a new president. His name is David. If he does a good job, he gets re-elected. If not, I’ve only got 24hrs to get him out of office! I really like that electoral college!!!

    the President-Elect

    From: Lori
    Date: Wed, 5 Nov 2008 08:09:21 -0800 (PST)
    Subject: Notes from Chicago about Obama’s win

    Hello to all,
    It was wild here in Chicago last night, they say 100,000 inside the rally but there was 500,000 to a million in the streets last night and I have to say that it was wonderful, I was right there enjoying it all!!!! The Blacks were crying in jubilation and I am so happy for them and for the World, and for all who have poured their hopes and dreams into Barack. People were just hugging each other and screaming and hopping up and down in joy! It was GREAT!!! I have to say I am happy, very happy today that the elections were not stolen at least for the Presidential race, we are still looking at the situation around the country for the rest of the races and we will have a report soon about what really happened on the ground.
    Even though I have not been an Obama maniac ever since last summer when I talked to him personally in Wash, DC and he answered my question about Impeachment of Bush/Cheney with a gasp producing response, Obama said ” I do not think that the misbehavoirs of this Administration rise to the levels of High Crimes and Misdemeanors”.
    I told him then that he was wrong and that he had lost touch with his constituency and that he would lose the Presidency if he did not speak to the people’s call for Impeachment, well I was wrong! Americans do have a short memory, they do lose their focus and the people of America needed to have a leader who represented the minorities, they needed to have a leader who remained calm and cool in the face of everything, they needed to have a leader who could talk up that Hope and talk up that change, this Barack can do like no one else!
    Now my sense of America is that they just want to forge ahead and not look behind, that they have been held back so long that Barack is like a spring exploding out of a box. So we will move ahead and that is good! I can only hope that by our not looking behind we don’t miss some lesson from history that is really important to learn!
    Today I am happy because I think the World is happy and that is good!
    Here is my request of everyone, Please pray for Obama, that he will live up to all of these Hopes and Dreams. That he will live up to that Golden Tongue of his, that he will live up to the way he can draw up Hope in the breast of millions, that he will finally bring Peace to this World, that he will finally bring Justice, that he will finally bring Sustainable Abundance to the World and end the War on our Mother Earth!
    Love from Chicago,

  2. Catherine
    Excuse my ignorance

    When you say University of California who or where in the University would that come from? It is a State University?…

    also with Goldman Sachs and other corporations who or where does it come from exactly

  3. Sebastian:

    Those are individual contributors who list their employer as the University of California, Goldman Sachs, etc.

    Check out and the Center for Public Integrity websites to learn more about how to access financial disclosure of campaigns.


  4. Catherine, thank you for publishing the list of contributors to both candidates’ campaigns.

    It’s extraordinary that so many of the major banks and mutual funds contributed anywhere between 2x and 3x more to Obama than to McCain. What do you make of it?

    It’s not that they were hoping to garner goodwill from the winner, because by their contributions they made the winner. So – is Obama a closet republican or what?

    Frank Michael

  5. Dear Catherine,
    WHY would academics at universities give so heavily to Obama, WHAT do they hope to gain by supporting him? I know they are liberals, but what financial benefit accrues to them? It is interesting that McCain drew NONE of his support from that demographic and Obama was heavily supported by these people, who, by the way, are always poor-mouthing about the salaries, etc. It isn’t a quid pro quo situation, at least not on its face, unless these donations were made with university/federal money and just laundered through the academics’ names by a “bundler”. It is most peculiar.

  6. Genvieve:

    There are several reasons, many of which are not explictly understood by the people involved.

    First most large universities are large government contractors, particularly defense contractors. If you look at the rankings of the largest federal contractors and defense contractors that I have posted, you will see that University of California has ranked high in the rankings for years.

    Second, universities such as Harvard are part of a private business. Harvard University is part of Harvard Corporation. The University is a cost effective way of building a personnel network that feeds the Harvard Endowment, including with access to knowledge that comes from government
    contracts. In essence, the university goal is to support and feed the intergenerational investment capital and syndicate that it serves. It is worth studying the Harvard model as it is one of the most successful business/organized crime models on the planet. For more on Harvard, start with searches for Harvard plus authors Linda Minor, Jon Rappoport and myself.

    FYI — Coast to Coast’s owner Clear Channel was sold this summer by the Mays family, who were large Bush supporters, to two venture firms. If we had access to their investments, I suspect
    that we would conclude that Clear Channel was now owned and controlled by the Harvard Endowment.

    If you do a search on my blog for “Clear Channel” you can pick up some of the background.


  7. I’m reading this topic, and the related ones about the overall financial coup d’etat. Looking at Obama and his utter lack of experience, I’m wondering about George Soros. I thought I’d heard, during the 2008 election, about a “billionaire’s club?” It presumably was a few individuals who were trying to take over the system along the lines of the “one-world government” conspiracy theories.

    But now, reading all this, I’m not so sure it’s a wild conspiracy theory anymore. Is Soros actually behind a lot of what’s happening? If there’s any credibility to it, then the next step would be to engineer the collapse of the US dollar for the purpose of initiating a new currency. But I don’t see the advantage. If everyone loses their money around the world, where does “wealth” continue to exist?

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