Wall Street ponies up for Obama inauguration

January 15, 2009

It’s been a brutal year for Wall Street, but the high rollers apparently still love a big, expensive party.

People who work in the finance industry have given at least $4.8 million to underwrite Barack Obama’s inauguration party, more than any other business sector, according to an analysis by the watchdog Center for Responsive Politics.CALVIN KLEIN

Obama’s team appears to have reached the $40 million goal it set to pay for the festivities. Roughly $6.8 million has come from those giving less than $200, according to the committee. But large donors have given at least $35 million.

While U.S. citizens can only give a maximum of $4,600 to help a candidate win office, there’s no legal limit to contributions for inaugural parties.

Obama’s Presidential Inaugural Committee has set a donor limit of $50,000, and has placed the names of large donors online in what the committee says is an unprecedented display of transparency.

Among those who gave the maximum: actresses Sharon Stone and Halle Barry (pictured); Microsoft Corp. founder Bill Gates and his wife Melinda; Microsoft CEO Steve Ballmer and his wife; filmmakers Steven Spielberg and George Lucas; Motown founder Berry Gordy and music mogul Antonio “LA” Reid.

Financier George Soros, a prominent underwriter of liberal causes, and extended family contributed at least $250,000.

For some, $50,000 isn’t enough. At least 32 donors have “bundled” $300,000 from their friends and associates — the maximum allowed by the committee.

Among that select group is Citicorp executive Louis Susman, whose company has taken at least $45 billion in government bailout money.

“If history is any guide, these wealthy individuals, as well as the corporations and industries they represent, may more than recoup their investment in Obama through presidential appointments, favorable legislation and government contracts,” said Shelia Krumholz, executive director of the Center for Responsive Politics.

Inauguration committee spokeswoman Linda Douglass said large donors will not have undue influence in the Obama administration.

“He’s never given anyone a reason to believe that they will have any special consideration just because they’ve contributed,” Douglass said. Just as small donors and volunteers played a significant role in the campaign, regular Americans will continue to have input in the administration, she said.

The money raised by the committee, in chunks smaller than the $200,000 maximum set by President Bush’s inaugural committee, will enable the committee to provide free concerts and parties for the record crowds expected for the inauguration, Douglass said.

“What these donors are supporting is a very vigorous effort to make sure that all Americans feel connected to these events,” she said.

Photo credit: REUTERS/Chip East (Halle Berry in New York, Sept. 7)

For more Reuters political coverage, click here.

2 comments

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[...] People who work in the finance industry have given at least $4.8 million to underwrite Barack Obama’s inauguration party, more than any other business … See all stories on this topic [...]

The wall streeters and republicans are evil, but Obama will take their money anyway for a party.

It’s all clear now. After reading this story Obama, the democrats and all liberals are “for the people”.

Posted by TC | Report as abusive

[...] contracts,” said Shelia Krumholz, executive director of the Center for Responsive Politics. (more…) Tags: Barack Obama, Center for Responsive Politics, Inauguration, Wall [...]

Let’s jump in the way back machine and see who paid for Bush’s inauguration?
The tab for the 2005 inauguration was paid by ExxonMobil, ChevronTexaco, Cinergy Corp, Ford Motor Co, Occidental Petroleum, Pfizer, TimeWarner, UPS and Wachovia
In addition, more than 60 wealthy individuals have donated at least $25,000 of their personal money to the inauguration committee. And more ten of these rich contributors have given the $250,000 limit.
Notice that oil companies top the list, oil companies that until this fall steadily jacked the price of gas and home heating. Now that’s “pay for play” right there baby!

Posted by Eric H | Report as abusive

[...] generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]

[...] generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]

[...] generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]

[...] generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]

[...] munificence to Obama didn’t finish with his 2008 debate either. Wall Street donors contributed $4.8 million to safeguard Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]

[...] generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]

[...] generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]

[...] generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]

[...] generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters [...]