President Obama refuses to return the campaign contributions from Bain Capital, and he spent an intimate evening in the black heart of evil, Wall Street, with millionaire investors of the private equity firm Blackstone.
President Obama last night spent time at the Park Avenue apartment of Blackstone Group (BX) president Tony James, to press the Wall Street flesh and collect $35,800 per plate. It came just hours after his campaign launched its first formal attack on Mitt Romney's record running Bain Capital -- a private equity firm not terribly dissimilar from Blackstone. Talk about awkward! (CNN)Blatant hypocrisy aside (politics runs on BS and hypocrisy, so we shouldn't be shocked by it), Marc Thiessen points out that Obama has a scandalous Public Equity Problem:
Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters — leaving in their wake bankruptcies, layoffs, criminal investigations and taxpayers on the hook for billions. (WaPo)The author goes on to total up the billions in failed government investments, all on the backs of We The Taxpayers. Were these merit-based loans, as the president says, or were they political payoffs?
But as Hoover Institution scholar Peter Schweizer reported in his book, “Throw Them All Out,” fully 71 percent of the Obama Energy Department’s grants and loans went to “individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” Collectively, these Obama cronies raised $457,834 for his campaign, and they were in turn approved for grants or loans of nearly $11.35 billion.
Obama said this week it’s not the president’s job “to make a lot of money for investors.” Well, he sure seems to have made a lot of (taxpayer) money for investors in his political machine. (WaPo)