The perks of a post-White House life are seemingly never-ending, as Obama continues to enjoy huge bonuses, this time in Wall Street speaking fees made famous by Hillary Clinton.
Bloomberg reported on Monday that Obama garnered $400,000 for a recent speech in front of Northern Trust executives, with more speeches on the horizon.
Obama will speak next week as the headlining act for Cantor Fitzgerald LP’s health-care conference, with another $400,000 on the line. Cantor CEO Howard Lutnick said Obama would speak and take questions at the conference, which lasts three days and starts Sept. 25.
The finance bigwigs are excited to hear about the Affordable Care Act.
“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.”
Bloomberg recounted a speech Obama made last week in front of Carlyle Group LP, one of the world’s largest private equity firms, although they hadn’t obtained information on how much he was paid. People who attended said Obama talked about his life and his time in the White House.
Obama has denounced Wall Street “fat cats” many a time, but now he is relying on them to grow his foundation. From Bloomberg:
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.
Obama no longer cares about getting paid for the same thing for which Hillary Clinton was ostracized, as he is no longer running for any type of office.
“Not everyone’s going to be a Jimmy Carter, who does purely good works after he gets out,” said Sean Coffey, a Democratic donor who chairs the complex litigation group at corporate law firm Kramer Levin Naftalis & Frankel LLP. “I don’t think getting any grief for doing this is going to bother him at all.”
Back in April, leading Democratic voice Bernie Sanders denounced Obama’s accepting of $400,000 for Cantor Fitzgerald.
“I would have hoped that the president would not have given a speech like this,” Sanders said.
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