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Wall Street Dominates List of Inaugural Donors

Big banks (yeah, those big banks) have bundled huge donations for the bash

By Clay Dillow,  Newser Staff

Posted Jan 9, 2009 1:30 PM CST
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(Newser) – Private donations to defray the cost of Barack Obama's inauguration festivities total $27.3 million—and large donors, including Wall Street executives flush with bailout cash, chipped in $24.8 million, the Wall Street Journal reports. That runs counter to the vow to remain independent of special interests that led the president-elect to ban corporations from funding the Jan. 20 ceremonies.

Financial-services execs have bundled donations, and just 378 people raised 70% of the money raised through yesterday. Wall Street employees were the largest single source. A Lehman exec bundled $115,000, a Citigroup director put a $265,000 package together, and Goldman accounted for least $175,000. Congress approved $10 million in public funds for the event.

President-elect Barack Obama speaks on the economy at George Mason University on January 8, 2009 in Fairfax, Virginia.
President-elect Barack Obama speaks on the economy at George Mason University on January 8, 2009 in Fairfax, Virginia.   (Getty Images)
President-elect Barack Obama speaks about the economy, Thursday, Jan. 8, 2009, at George Mason University in Fairfax, Va.
President-elect Barack Obama speaks about the economy, Thursday, Jan. 8, 2009, at George Mason University in Fairfax, Va.   (AP Photo/Charles Dharapak)
President-elect Barack Obama makes remarks on the nations economy, Thursday, Jan. 8, 2009, at George Mason University in Fairfax, Va.
President-elect Barack Obama makes remarks on the nations economy, Thursday, Jan. 8, 2009, at George Mason University in Fairfax, Va.   (AP Photo/Lawrence Jackson)
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COMMENTS
Showing 3 of 6 comments
Caps
Jan 11, 2009 9:00 PM CST
Zebraone, such a sore loser. He is your next Commander-in-Chief so get use to it. Oh I get it when you said "illigimate asshole" you were talking about the great Bush and Cheney years.
Zebraone
Jan 9, 2009 3:48 AM CST
What else did you expect from that jugeared illigimate asshole?~~~He's a 'democrat' and now he has his own personal 'piggybank' in the form of the wall st. mauraders! ~~~You elected the jerk, so now live with it>~~Talk to Hammas? ~~~~~~Now he's showing his true "colours"!~~~~I hopr the ISS is watching this yardbird!
Newser001
Jan 9, 2009 2:14 AM CST
Something very unhealthy about all of this... They're expecting something in return... Wall Street, all financial institutions - should be banned from donating money - especially when you consider they received bailout funds. Utter bullsh*t! Are we that stupid? Take the money and help some American's keep their homes by lowering the principle to somewhere below current market value's (and yes, they just keep falling).

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Wall Street • donation • inauguration • special interests • political donors • Wall Street bailout • President Obama • President-elect Obama

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