By Shawn Langlois, Marketwatch
Former President Barack Obama
Barack Obama once told CBS’s “60 Minutes” that he didn’t “run for office to be helping out a bunch of fat cat bankers on Wall Street.” Of course, he didn’t say anything about them helping him out.
So yes, after a political career often spent unloading on banking industry “fat cats” for their profit lust and splashy lifestyle, Obama has agreed to a $400,000 speaking engagement on healthcare policies at bond broker Cantor Fitzgerald, according to Fox Business.
In other words, one day of inspirational words and fist bumps with some of Wall Street’s finest will net the former president what it took him an entire year to earn while calling shots at the White House.
The big payout would also put his price at double the average amount commanded by Bill and Hillary Clinton on the circuit, where the duo cashed in on more than $150 million over the years, according to CNN numbers crunched last year.
The fact that Obama, like so many presidents and politicians before him, is chasing Wall Street cake shouldn’t come as a surprise. The amount, however, is rather eye-popping. Add this to their $60-million book deal — a whopping four times Bill Clinton’s post-presidency offer — and the Obamas should get by just fine in their retirement years.
A pair of popular Democratic Party senators took shots at former president Barack Obama‘s $400,000 speaking fee for a future Wall Street event, a rate that equaled his yearly presidential salary. Sen. Elizabeth Warren and Sen. Bernie Sanders shared their opinions about the fee with the media, although other Democrats and liberals have taken similar speaking engagements in times past.
In speaking with SiriusXM’s Alter Family Politics show, Sen. Warren of Massachusetts didn’t mince words in answering Andy Cohen‘s inquiry about the fee. “I was troubled by that,” said Warren, writes Yahoo News. “One of the things I talk about in the book [the recently-published This Fight Is Our Fight: The Battle to Save America’s Middle Class] is the influence of money. I describe it as a snake that slithers through Washington. And that it shows up in so many different ways here in Washington.”
While Warren’s point that Wall Street’s influence on politics is troublesome, Obama is not in a position to run for office nor has made it known he has any aims to lobby to sitting politicians on behalf of the finance world.
Bloomberg’s Steven Dennis spoke with Vermont Senator Bernie Sanders, also levied his criticism. “I think it’s unfortunate. President Obama is now a private citizen and he can do anything he wants to but I think it’s unfortunate,” said Sanders, while adding the word “unfortunate” a third time in his reply to Dennis..
The Democratic Party and liberals, in general, have turned a critical eye towards Wall Street. Yet the practice of former government leaders and officials using their expertise to earn money in the speaking arena is not new. Former president Bill Clinton, former Secretary of State Hillary Clinton, and former Federal Reserve Chairman Ben Bernanke have all taken high-paying speaker fees in varying intervals.
Also in place are lobbying bans that Obama himself instituted while in office that would hinder former employees to address government officials on behalf of Wall Street and other special interests.
To be sure, senators Warren and Sanders have long-standing issues with Wall Street’s political influence and have said in previous times they felt Obama took it easy on financial institutions while shunning middle-class concerns. Obama has yet to respond to the criticism.