Crony Capitalists Race to Obama’s Re-election

President Obama’s three year spending spree has brought the country to the precipice of bankruptcy but as Speaker John Boehner noted, the president seems to fear losing re-election more than default on our national debt.

Despite facing a default deadline for months, the president and his team focused on what they do best – raising and spending other people’s money.

The President’s re-election team announced that between the Democratic National Committee and the Re-election committee, the president had raised an incredible $86 million. Was it a sign of broad grassroots support for an embattled president? Hardly.

244 people, “bundlers” in Washington parlance, gathered most of the money. As Jerry Seinfeld used to ask, “Who are these people?”

Many of the fundraisers, according to Politico are executives with major regulatory or financial interests before the administration. “A review of a list of high-dollar volunteer fundraisers, or bundlers, released by the Obama campaign last week includes a number of corporate officials whose companies have major business stakes in the decisions of government regulators and administration officials. In some cases, grants, loans and contracts were given to companies that bundlers were heavily involved or invested in.”

more [link to floppingaces.net]