Wizards of the Inauguration
Posted on Jan 9, 2009
While Barack Obama banned corporations and big donors from funding his inauguration so as to not trammel the public celebration, the big event’s multimillion-dollar bill is instead being footed by Wall Street executives and other financial employees acting as fundraisers. Abracadabra—no more special interests.
The Wall Street Journal:
President-elect Barack Obama has banned corporations and big donors from funding his Jan. 20 inauguration. But 90% of donations received so far have been raised by well-heeled fund-raisers, including Wall Street executives whose companies have received billions of dollars in federal bailout money.
A total of 207 fund-raisers have collected $24.8 million of the $27.3 million in contributions disclosed by Mr. Obama through Thursday, according to an analysis by nonpartisan campaign finance group Public Citizen commissioned by The Wall Street Journal.
Wall Street employees, as a group, have been the biggest single source of these private donations, according to the analysis. Much of their donations—$5.7 million total—has been channeled through financial-services executives who each have bundled together donations worth hundreds of thousands of dollars.
flickr.com / Presidential Inaugural Committee