Wizards of the Inauguration
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.
Wait, before you go…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.
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