Obama and the lobbyists

According to Mr. Obama, “John McCain’s campaign and the Republican National Committee are fueled by contributions from Washington lobbyists and special interest PACs.” 

According to Fact Check (http://www.factcheck.org/elections-2008/obamas_lame_claim_about_mccains_money.html ) “We find that to be a large exaggeration and a lame excuse. In fact, donations from PACs and lobbyists make up less than 1.7 percent of McCain’s total receipts, and they account for only about 1.1 percent of the RNC’s receipts.”

Furthermore, “As of the end of April, the McCain campaign had reported receiving $655,576 from lobbyists, according to the Center for Responsive Politics. That is less than seven-tenths of 1 percent of his total receipts of $96,654,783. His campaign also took in $960,990 from PACs, amounting to just under 1 percent of total receipts. The two sources combined make up less than 1.7 percent of his total.”

“The Republican National Committee has raised $143,298,225, of which only $135,000 has been come from lobbyists, according to the CRP. That’s less than one-tenth of 1 percent. It also took in about 1 percent of its receipts from PACs, CRP said. Taken together, that’s about 1.1 percent from PACs and lobbyists.”

Now compare that to Obama.  According to opensecret.org, Obama’s corporate and lobbyist receipts dwarf McCains significantly.  “The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.

Because of contribution limits, organizations that bundle together many individual contributions are often among the top donors to presidential candidates. These contributions can come from the organization’s members or employees (and their families). The organization may support one candidate, or hedge its bets by supporting multiple candidates. Groups with national networks of donors – like EMILY’s List and Club for Growth – make for particularly big bundlers.”  Obama has the following receipts:

Goldman Sachs $571,330
University of California $437,236
UBS AG $364,806
JPMorgan Chase & Co $362,207
Citigroup Inc $358,054
National Amusements Inc $320,750
Lehman Brothers $318,647
Google Inc $309,514
Harvard University $309,025
Sidley Austin LLP $294,245
Skadden, Arps et al $270,013
Time Warner $262,677
Morgan Stanley $259,876
Jones Day $250,725
Exelon Corp $236,211
University of Chicago $218,857
Wilmerhale LLP $218,680
Latham & Watkins $218,615
Microsoft Corp $209,242
Stanford University $195,262

 

Obama likes to pretend that Fortune 500 company employees are all entirely independent individual donors, each contributing for no purpose greater or lesser than their belief in Hopenchange.  Hogwash!

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