April 11, 2008
Big Donors Bolster Obama's Grass Roots
Washington Post: Despite Talk Of Small Donors, Wealthy "Bundlers" Are Critical And Have A Prominent Role In Campaign
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Democratic presidential hopeful Sen. Barack Obama D-Ill., speaks to the media, Friday, April 11, 2008, in Indianapolis. (AP)
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Sen. Barack Obama credits his presidential campaign with creating a "parallel public financing system" built on a wave of modest donations from homemakers and high school teachers. Small givers, he said at a fundraiser this week, "will have as much access and influence over the course and direction of our campaign that has traditionally been reserved for the wealthy and the powerful."
But those with wealth and power also have played a critical role in creating Obama's record-breaking fundraising machine, and their generosity has earned them a prominent voice in shaping his campaign. Seventy-nine "bundlers," five of them billionaires, have tapped their personal networks to raise at least $200,000 each. They have helped the campaign recruit more than 27,000 donors to write checks for $2,300, the maximum allowed. Donors who have given more than $200 account for about half of Obama's total haul, which stands at nearly $240 million.
Obama's success in assembling bundlers offers another perspective on a campaign that promotes itself as a grass-roots effort. While the senator from Illinois has had unprecedented success generating small donations, many made online, the work of bundlers first signaled the seriousness of his candidacy a year ago and will be crucial as he heads into the final Democratic primaries with a lead against Sen. Hillary Rodham Clinton (N.Y.).
The bundler list also sheds light on those who might seek to influence an Obama White House. It includes traditional Democratic givers -- Hollywood, trial lawyers and Wall Street -- and newcomers such as young hedge fund executives, Silicon Valley entrepreneurs, Chicago-based developers and members of the black business elite. One-third had never contributed to a presidential campaign, much less raised money.
The list includes partners from 18 top law firms, 21 Wall Street executives and power brokers from Fortune 500 companies. California is the top source, with 19 bundlers. Both Illinois and Washington, D.C., have six, and five hail from New York.
Among the group are businessmen such as Kenneth Griffin, a famously private 39-year-old billionaire who threw his support behind Obama's presidential campaign just as he hired a team of lobbyists to urge Congress to preserve a lucrative tax loophole.
A year ago, Griffin invited Obama to speak to employees of his Chicago hedge fund, Citadel Investment Group, and in subsequent months, employees and their families gave the candidate nearly $200,000. Griffin had previously backed Republicans, including Obama's initial U.S. Senate opponent.
Obama resisted Citadel's lobbying push, but a hedge fund executive who knows Griffin said he suspects Griffin's continued support owes to more than a desire to sway the senator on the tax issue. "Ken's a smart guy, and I guess he's done the math and decided that Barack is the best candidate," said Daniel Loeb, the chief executie of Third Point Management in New York.
Several on Obama's list at least appear to have interests in conflict with his platform. There is the billionaire casino developer who plans to put a slot parlor in Philadelphia; Obama has decried gambling for its steep "moral and social cost." And there is the director of General Dynamics, the military supplier that has seen profits soar since the onset of the Iraq war and that has benefited from at least one Obama earmark.
The use of bundlers was perfected by George W. Bush, who in 2000 and 2004 set some fundraising records that Obama has shattered. Bush established a competitive hierarchy of "Rangers" and "Pioneers," with tracking numbers to monitor fundraisers' progress and silver cuff links and belt buckles for high achievers.
Obama's bundlers help make up a more loosely defined "national finance committee," whose members are made to feel part of the campaign's inner workings through weekly conference calls and quarterly meetings at which they quiz the candidate or his strategists. At one meeting, bundlers urged the campaign to link Iraq war costs with the faltering economy. And they got an advance copy of Obama's Philadelphia speech in which he addressed the incendiary remarks of his longtime pastor.
Obama policy advisers also meet with bundlers and other top givers. Anthony Lake, who served as President Bill Clinton's national security adviser, has met with so many Obama contributors that, in an unusual move, the campaign credits him for funds raised when he conducts the meetings. He's on the top bundler list. "This is the first time I've ever gotten involved in this kind of work in a campaign," Lake said.
Bush bundlers openly discussed the system's transactional nature -- more than 100 of the 246 Pioneers in 2000 received an administration job or appointment, and 23 became ambassadors. Obama's fundraisers say they see their work more selflessly.The Money Race
Check out February tallies for Clinton, Obama and McCain, including how much they've raised and spent since the campaign began.
Boston financier Alan Solomont, who leads Obama's Northeast fundraising, said many are rallying to the candidate because they expect that he will break with old traditions, such as rewarding big fundraisers. "There's nobody with their hand out," Solomont said. "People are doing this because they believe in this candidate."
The campaign maintains that its fundraising success among average Americans has lessened its reliance on big donors. Donations of less than $200 account for nearly half of Obama's contributions, compared with a third of Clinton's and a quarter of Sen. John McCain's, according to the Campaign Finance Institute. More than 1 million people have given money to Obama's campaign.
"In this campaign, outsized influence is given to the small donors," Obama spokesman Bill Burton said.
By Matthew Mosk and Alec MacGillis
© 2008 The Washington Post Company
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See all 100 CommentsAlot of the Dem leaders think he will follow the Dem line and not question them. Kind of like he did in church.
Clinton may not follow the line so well.
A mouthpiece.
Stocks traded sharply lower after GE''s disappointing report increased investor fears that first-quarter corporate earnings and
It could also be that women are boycotting GE because of their NBC MSNBC OBAMA Network misogynist coverage and clear anti women bias on clear display from Russert, Todd, Schuster, Williams, Matthews, Keith Oberlmans coverage and GE be on notice women will continue to do so...
Very insightful, cute little sound bites you put together there. From your name, I bet I can guess who you are voting for.
Sounds like you need to do a little more research on your own candidate about corruption.
I don''t know who I am voting for. Omaba lost me when he would not stand with Tibet. He showed what a phony he is.
That''s Mr. President Barack Hussein to you.
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Posted by kenbomc at 10:29 AM : Apr 11, 2008
I''ve known my candidate for years! Good and bad, and her record stands tall!
Obama has presented himself as something he''s absolutely NOT!
Even McCain is better than this Chicago shill!
I don''t understand how he ''lost you'' and that he is a phony on one issue of this kind. He told the president to take a position on it. I think there are more important issues than that here at home. If you feel that way about Obama you must have been totally lost with hearing the other candidates deceitful positions.
In a new ad, Obama says, "I don%u2019t take money from oil companies."
Technically, that''s true, since a law that has been on the books for more than a century prohibits corporations from giving money directly to any federal candidate. But that doesn%u2019t distinguish Obama from his rivals in the race.
We find the statement misleading:
* Obama has accepted more than $213,000 from individuals who work for companies in the oil and gas industry and their spouses.
* Two of Obama''s bundlers are top executives at oil companies and are listed on his Web site as raising between $50,000 and $100,000 for the presidential hopeful.
It''s up to us---the public---to assess how we think these different candidates are going to respond to the people giving them money!
Her record stands tall because of all the sh*t piled on top of one another. If that is what''s important to you, then what about her deceitfulness on Columbia and NAFTA; Bosnia stories; she is in the middle of the biggest campaign fraud trial ever; donations by the Columbia Gov. to Mr. Clinton for him to lobby for them about free trade; her top staff want the same thing; she doesn''t have the experience thats been the biggest drive for her candidacy...the list goes on.
I study his speeches. To go around the country giving those speeches then not stand with Tibet ! ! !
He is a complete phoney ! ! !
The truth, however, was that Obama allowed the bill to be amended in Committee by Senate Republicans, replacing language mandating reporting with verbiage that merely offered guidance to regulators on how to address unreported leaks. The story noted that even this version of Obama''s bill failed to pass the Senate, so it was unclear why Obama was claiming to have passed the legislation. Senator Obama''s staff was sending us copies of the bill to review, and we could see it weakening with each successive draft," said Joe Cosgrove, a park district director in Will County, Ill., where low-level radioactive runoff had turned up in groundwater. "The teeth were just taken out of it."
As it turns out, the New York Times story noted: "Since 2003, executives and employees of Exelon, which is based in Illinois, have contributed at least $227,000 to Mr. Obama''s campaigns for the United States Senate and for president. Two top Exelon officials, Frank M. Clark, executive vice president, and John W. Rogers Jr., a director, are among his largest fund-raisers."
With money borrowed form China ????????
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Posted by kenbomc at 10:53 AM : Apr 11, 2008
Judgment about what? Shilling people? Yeah, I''d say he''s quite an expert!
As for running this country...that''s a total joke!
Check out the link below in regards to Tibet. Whatever Obama''s stance is, has got alot to do with down the road and diplomacy. The is smart and does his homework.
http://www.urlfan.com/local/obama_tibet_and_china_policy/76523854.html
Simple and obvious example; Iraq.
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Posted by kenbomc at 10:51 AM : Apr 11, 2008
Deceitfulness? I''d say the Obama campaign has done it''s best to destroy all the good work she''s done.
Obama hasn''t done a *** thing! So his only option was to try to destroy his opponent! It''s been his hue and cry since day one, and he couldn''t even speak to an issue!
The man is a total lying shill and a failure in both his senate seats! He''s a corrupt Chicago politician fed to you like blind sheep!
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Posted by kenbomc at 11:02 AM : Apr 11, 2008
Simple and obvious! You''re joking!
The man didn''t have a clue and took a chance! Since then he''s backed off that stance at least twice!
Give me a break!
Borrowing from China has to do with McCain, Bush, and HRC decision to enter Iraq. Black Thel.? What the heck. Man, you are taling about some wierd off the wall things now.I would suggest you stop getting some of youre info from the Republican conserv radio talk shows.
I don''t listen to that trash and I have NEVER voted for a Rep for president ! ! ! ! ! ! ! !
Complete phoney ! ! ! ! ! ! ! !
Right ? Don''t look too close ! You might not like what you see. Sgt. Shultz
Eyebrows should be raised all over the US about THAT little piece of judgment.
Thank you, A lefty left to be sure ! ! ! ! ! ! ! !
Your intelligence on the subject is obviously limited. The words you type are that of a hater or a desperate HRC supporter. You sound like you have some vendetta for some other purpose -good luck.
And you sound like a blind sheep being led this shill!
Good luck with that!
You judge him, you gotta judge the other candidates the same way. I am not familiar with that -I know how he stands on it now. If it was such a major blunder of judgment, I am sure HRC would have said something or at least anyone.
I hate what is happening to Tibet and the way the U.S.A. is just standing by while it happens because we would not want to do anything to hurt our credit rating with China because we need their slave workers to make our discount shoes ! ! ! ! ! ! ! !
How about the slaves in China ! ! ! ! ! ! ! !
Will Obama stand up for them or will he let China continue to kill and amke slaves out of people in Tibet ? ? ? ? ? ? ? ?
General Electric stocks fell 11% early this morning, and here''s why.
G.E. owns NBC and MSNBC as well as several other media outlets.
G.E. is heavily invested in Excelon who is building or about to build dozens of Nuclear Power Plants in this country.
Excelon has been one of Obama''s largest contributors since the beginning of Obama''s political career.
Yesterday, the NAACP, the largest and oldest Black organization in America, announced that Rev. Jeremiah Wright was to be their keynote speaker at their largest fundraiser of the year.
This endorsement of Wright will be percieved as the nationwide Black acceptance of Wrights radical anti-White America thinking.
Obama is a 20 member and large contributor of Wright''s Church and has even referred to Wright as his Uncle.
The chance of Obama winning the nomination now is almost impossible.
Implementing Nuclear Power Plants througout America is very unlikly.
Excelon loses Billions.
General Electric has already lost Billions.
Obama''s campaign is all but over.
That''s something you need to tell the president about. Obama won''t take office until January. You are jumping ahead a little bit. If you have a question on the subject go to his website and if you don''t see it answered on his stance on issues, then e-mail them the question -they will answer. barackobama.com
I know his position on Tibet ! ! ! ! ! ! ! !
He is does not stand against slavery ! ! ! ! ! ! ! !
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