Monday, March 26, 2012

Obama’s Crony Capitalism and His Top 2008 Donors

President Obama raised several hundred million dollars during the 2008 election, more than twice what Republican rival John McCain raised and a far cry more than any other U.S. President before him. The result? Obama’s fundraising achievements have ushered in a degree of crony capitalism Americans have quite possibly never witnessed before.

The voluminous scale of political favoritism, and in some cases downright corruption, in the current administration has undermined taxpayers and trampled on the U.S. Constitution, as corporate bailouts, legislative kickbacks, and shady government appointments have become commonplace in the Obama White House.

Crony capitalism, also referred to as “cronyism,” takes place when entities use the power and authority of government to capitalize in the marketplace. These entities, which are often large corporations, commonly receive lavish government favors after offering public endorsements and bulky bundles of donations during an election season.

During the 2008 election cycle, Obama raised a record-breaking $745 million, with some of his largest campaign contributions streaming from Google, Microsoft, General Electric, WilmerHale, and Goldman Sachs. Indeed, Obama’s top 20 donors doled out $13,382,825 in 2008, more than three times the $4,034,622 contributed by John McCain’s top 20 donors. Read More