Obama goes from White House to Wall Street in less than one year

https://www.bloomberg.com/news/articles/2017-09-18/obama-goes-from-white-house-to-wall-street-in-less-than-one-year?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social

Hillary Clinton says she made a mistake when she gave speeches on Wall Street after leaving government. Taking money from banks, she writes in her new memoir, created the impression she was in their pocket.

Her old boss doesn’t seem to share her concern.

Last month, just before her book “What Happened” was published, Barack Obama spoke in New York to clients of Northern Trust Corp. for about $400,000, a person familiar with his appearance said. Last week, he reminisced about the White House for Carlyle Group LP, one of the world’s biggest private equity firms, according to two people who were there. Next week, he’ll give a keynote speech at investment bank Cantor Fitzgerald LP’s health-care conference.

Obama is coming to Wall Street less than a year after leaving the White House, following a path that’s well trod and well paid. While he can’t run for president, he continues to be an influential voice in a party torn between celebrating and vilifying corporate power. His new work with banks might suggest which side of the debate he’ll be on and disappoint anyone expecting him to avoid a trap that snared Clinton. Or, as some of his executive friends see it, he’s just a private citizen giving a few paid speeches to other successful people while writing his next book.

“He was the president of the entire United States — financial services are under that umbrella,” said former UBS Group AG executive Robert Wolf, an early supporter who joined the Obama Foundation board this year. “He doesn’t look at Wall Street like, ‘Oh, these are individuals who don’t want the best for the country.’ He doesn’t stereotype.”

Since leaving office, Obama has delivered public and private speeches that are “true to his values,” Kevin Lewis, a spokesman for the former president, said in an email. “His paid speeches in part have allowed President Obama to contribute $2 million to Chicago programs offering job training and employment opportunities to low-income youth.”

Obama’s relationship with Wall Street hasn’t always been good. Bankers still boil over with rage about him, wincing over his 2009 line about fat cats as if the wounds were fresh. But his Justice Department prosecuted no major bankers for their roles in the financial crisis, and he resisted calls to break up the biggest banks, signing a regulatory overhaul that annoyed them with new rules but didn’t stop them from pulling in record profits.

The brokerage and investment bank Cantor Fitzgerald isn’t one of those giants. S&P Global Ratings announced this year that the New York-based firm’s debt grades could be cut to junk. Cantor’s investment banking division is run by health-care specialist Sage Kelly, who left Jefferies Group after divorce-case accusations became salacious tabloid fodder in 2014. His ex-wife later apologized for the storm caused by the claims, which he had denied.

Cantor Chief Executive Officer Howard Lutnick, whose firm lost more than 600 people in the Sept. 11 attacks, said the former president will make remarks and take questions. The three-day conference for current and prospective clients begins Sept. 25. Obama will be paid about $400,000, according to a person familiar with the arrangement.

“Everybody would like to come,” Lutnick said. “Hopefully, we will really talk about the Affordable Care Act in interesting and nuanced ways, which I think is really cool.”

Obama’s appearance at the Carlyle conference in Washington was previously unreported. The private equity giant has enjoyed some of the best political connections in the world, with executives and advisers who have included former presidents, prime ministers and cabinet secretaries. Obama discussed his life and the decisions he made in the White House, the people who heard him said. A spokesman for the firm wouldn’t comment.

The ex-president has been busy. His foundation is raising money for a library in Chicago, and he and his wife signed a book deal with Penguin Random House after an auction that went above $60 million, according to the Financial Times. He spoke about food in Milan, democracy in Jakarta and himself at an A&E Television Networks event in New York. He vacationed in California and Hawaii and on Richard Branson’s Necker Island with its billionaire owner.

Obama has picked private equity, hedge fund, venture capital and banking veterans to oversee his foundation, and an alumnus of Goldman Sachs Group Inc. to advise him on investments.

Northern Trust is a bank that specializes in wealth management for rich families and services for big funds. The event had gone unreported, but a program accessible on the firm’s website lists Obama alongside executives from Microsoft Corp., IBM and Michael Bloomberg, majority owner of Bloomberg LP.

Northern Trust, based in Chicago, gave Obama a discount on a $1.32 million loan for a mansion in that city in 2005, after he was elected to the Senate, the Washington Post reported. The rate was changed to account for an offer from another lender, a spokesman for Obama said three years later. Doug Holt, a spokesman for Northern Trust, wouldn’t comment for this story.

———–

and thats how the game is played..

“Obama’s relationship with Wall Street hasn’t always been good. Bankers still boil over with rage about him, wincing over his 2009 line about fat cats as if the wounds were fresh. But his Justice Department prosecuted no major bankers for their roles in the financial crisis, and he resisted calls to break up the biggest banks, signing a regulatory overhaul that annoyed them with new rules but didn’t stop them from pulling in record profits.”

haha..

“Obama has picked private equity, hedge fund, venture capital and banking veterans to oversee his foundation, and an alumnus of Goldman Sachs Group Inc. to advise him on investments.”

*sigh

401

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~ by seeker401 on October 10, 2017.

3 Responses to “Obama goes from White House to Wall Street in less than one year”

  1. THEY-CARLYLE ? same group9-11 eh?

  2. ““Everybody would like to come,” Lutnick said. “Hopefully, we will really talk about the Affordable Care Act in interesting and nuanced ways, which I think is really cool.””

    haha!

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