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Politics

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Otsikko: How Obama rewards his most prolific fundraisers with crony appointments

These top fundraisers are known as “bundlers”. Since campaign finance laws restrict any one individual from donating more than $2400 to a single candidate, these bundlers achieve prominence within a campaign by soliciting for and then – you guessed it – bundling up individual donations received via their extended network of friends, family, business contacts, etc. While exact figures are not available, the top bundlers within the Obama campaign each delivered in excess of $1 million in campaign contributions, and there were nearly 50 bundlers who were responsible for at least $500K in donations.

As the Times notes, it’s somewhat of a Washington tradition for an incoming President to appoint choice ambassadorships to key political donors and allies. While this may be the case, for a President who declared a “new era” of accountability, and who championed ethics reform while in the Senate, a look at the appointments made to date reveals what I think is a surprising level of cronyism on the part of this Administration. And notably, many of these appointments extend outside the relatively ceremonial realm of diplomatic posts.

What sort of positions are they talking about? Just harmless ambassadorships?

Special Counsel to the President
Chairman, FCC
General Counsel, Dept. of Energy
Deputy Asst. Attorney General
Associate Attorney General
Under-Secy. for International Trade
Chairman, Corp. for Nat’l & Community Service
Asst. Attorney General, Civil Div.

Nearly half of the top level of Obama campaign bundlers have been rewarded with some sort of role within the government.

And it gets worse:

Robert Wolf is the Chairman/CEO of investment bank UBS and given his influence on Wall Street may in fact be the largest bundler of them all. Significantly, Wolf’s firm seems to be mired in several tax-related scandals; and they were also a key counter-party recipient of funds from AIG, courtesy of the U.S. tax payer. However, apparently all this was not enough to deter the President from naming Wolf to his Economic Advisory Council.