Barb’s Blog

Yes we’ve heard all about the $5 donations that helped build Obama’s record-breaking $742 million campaign funds, but what is the whole story?

Ever since he ran for the Senate in 2004, Barack Obama has had a wealth of 10-figure tycoons advising – and funding – him.

…Barack Obama has had a slew of billionaire backers with him on his journey to the White House–plutocrats who provide economic and political advice and help to raise money. Lots of money.

Since campaign contributions are capped at $2,300 per individual and donations to the Inaugural Committee have a $50,000 limit per person, most billionaires help out by serving as "bundlers"–well-connected folks who help gather donations from family, co-workers and associates.

Obama’s national finance chairwoman during his presidential campaign was Penny Pritzker, one of 11 members of the famous Chicago family that appear on the Forbes list of the 400 richest Americans (combined net worth as of September: $21.6 billion).

As of November 24, 2008, Obama’s campaign had raised a record-breaking $742 million during the election, according to the Center for Responsive Politics. Pritzker was considered a leading candidate for commerce secretary until she withdrew from consideration in November last year.

According to data from the Presidential Inaugural Committee, Pritzker has helped raise donations totaling $300,000 for next week’s inauguration. Last year she bundled $178,782 toward Obama’s presidential campaign, according to data collected by the Center for Responsive Politics.

Google chief executive Eric Schmidt endorsed Obama last fall and is currently a technology adviser in his transition team. Schmidt and Google co-founder Larry Page have each contributed $25,000 to the inauguration events. The New York Times recently reported that the search engine company is throwing a bipartisan bash on Inauguration Day.

Not to be outdone by their tech rivals, Microsoft founder Bill Gates and chief executive Steve Ballmer have each contributed $50,000 to the festivities.

As a Democrat, Obama enjoyed consistent support from Tinseltown tycoons. Famed Hollywood director Steven Spielberg, Dreamworks co-founder David Geffen and Star Wars creator George Lucas all threw their support behind the president-elect through campaign donations.

Geffen became one of Obama’s most important early supporters. In February 2007 he famously ditched Hillary Clinton in favor of Obama at a time when Hollywood was split over the two candidates. Geffen held a fundraiser with Spielberg and Dreamworks co-founder Jeffrey Katzenberg in 2007 that reportedly collected $1.3 million for Obama’s presidential run.

Financier Ken Griffin, leader of Chicago hedge fund Citadel, and famously left-leaning moneyman George Soros also contributed money to Obama, as has legendary investor Warren Buffett.

Buffett, America’s second-richest man as of the Forbes 400 in September, supported Obama during his presidential campaign, a fact Obama often mentioned in speeches and during debates to increase his economic policy clout.

Buffett had been touted as a potential candidate for Treasury secretary at one point. He, like Schmidt, is a member of Obama’s Transition Economic Advisory Board.

Obama has promised big business will not have a prominent place at the table. But with so many billionaires chipping in, can he not help but include them in policy decisions?

That is a lot of wealth, and with it, I can’t help but think, a lot of power.

We’re supposed to believe the rich won’t effect policy here?

This is not change.

 

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