Bought and Paid For: The Unholy Alliance Between Barack Obama and Wall Street

by Charles Gasparino

A top reporter exposes the deep ties between the Obama administration and the big banks that are bankrupting our country.

As the recession continues, President Obama has chastised the "fat cats" who feast off government bailout money while unemployment remains high and smaller businesses struggle.

But according to Gasparino, Obama is faking his outrage, and his calls for new policies to rein in banks that are "too big to fail" are just pabulum. In reality, Obama has climbed into bed with Wall Street CEOs, giving them what they want so they will support his liberal, big- government agenda. As a result, the big banks responsible for the credit crisis get rescued, while small businesses and ordinary Americans get crushed by higher taxes and irresponsible spending.

Gasparino draws on interviews with dozens of key CEOs and political players to trace the roots of Wall Street's twisted love affair with one of the most liberal presidents in American history. He shows how, for decades, big banks and big business have colluded with big government, thereby laying the groundwork for today's shady dealings, and how the same bankers Obama now publically reprimands have supported him-not because he promises change, but because he promises business.

Written in Gasparino's characteristic smart yet no-nonsense style, this book is both an exposé and a wake-up call to all Americans to strike back against the people and policies who are ruining our country.

Genres: Politics, Nonfiction, History, Business

304 pages, Hardcover

First published October 5, 2010

Reviews

[Matt]

Bush43's signing of the massive Wall Street bailouts was nothing surprising. After all, it is common knowledge that the Republicans are in bed with big business and Wall Street. Strangely, however, Obama continued the policy of Wall Street bailouts, as well as many other unpopular policies of the Bush administration. This book exposes the largely unnoticed friendship between Obama and Wall Street, one characterized by record breaking campaign contributions and an anything goes attitude from regulatory agencies. Obama's notorious bank bashing amounted to little more than politically expedient words with no intentions of meaningful regulation. In the 2008 presidential elections, the vast majority of Wall Street firms and large banks donated unprecedented volumes of campaign money to Obama and the Democrats, and extremely little to McCain and the Republicans. Wall Street felt that McCain was too unpredictable and obviously not a friend of the major banks and Wall Street. It is the author's argument that the only reason Obama won the 2008 election is because Wall Street had bought and paid for him.

[Joseph]

Not so sure the relationship between Wall Street and Washington is "hidden" as the revolving door between financial companies and Washington is pretty well known. That said, readers can still be outraged at the different rules of the game between big business and consumers--savers punished by low interest rate, tax funded rescues of companies that went on to pay millions in bonuses to executives whose recklessness caused great harm to our economy, underwater home owners struggling to get loan modifications, etc. Gasparino writes in caffeinated prose, not afraid to quoting street-type language among Wall Street denizens who somehow can't believe that after all the campaign contributions they gave to Obama that his administration was using Wall Street as a piñata to reflect public outrage at bankers. A pox on both of their houses Gasparino seems to be implying, but as we all know, the recent crisis is petering out and the reforms that were supposed to prevent another crisis like the one we just went through never materialized, and therefore we can expect the round trips between Washington and Wall Street to continue.

[Randy Daugherty]

Though dry at times this was a good read, I enjoyed Charlie when he was a guest reporter on CNBC and always was impressed at his facts and informants.This gives an interesting insight into the quiet meetings between Barrack Obama then the junior senator from IL and the leaders of the financial community.
Later the newly elected President Obama facing a financial melt down called on these same people for advice on what went wrong and how to fix it.Even when calling them fat cats and calling for reform,all the new bills and regs did little to change the way business and politics were and are played but then thats what happens when your bought and paid for.

[Kevin]

Charles Gasparino has written an frustatingly easy to understand and follow expose of how Obama formed an alliance with Wall Street to leverage their campaign contributions to win the presidency in 2008. Although he set them up as "whipping boys" publicly, bahind the scenes he continues to turn a blind eye to their excess and greed and how they are sucking the rest of us dry.

[Chris]

Interesting discussion of a highly unknown side of Obama's success. Informative, if not a little too long-winded.

[Michael Merwitz]

i'm about half way thru, and it's tough going -- every time i pick it up to read more than a few pages, my blood pressure spikes and i want to punch someone in the face.

[Thomas Ray]

Although the writer is a right-winger, he's right about Obama. Obama is no liberal. He's working for the moneyed interests of Wall Street.

[Richard]

Good stuff (the book, not the story told).

[Steven H]

A CRITICAL, BUT INFORMATIVE EXAMINATION OF WALL STREET AND GOVERNMENT

Charles Gasparino is a correspondent for Fox Business Network, a columnist for The Daily Beast and New York Post.

He wrote in the Introduction to this 2010 book, "This book... will... dwell on how these same taxpayers suffered the fallout from Wall Street's demise: persistently high unemployment, massive amounts of debt, and a shrinking currency ... while Wall Street prospered... these issues are part of a bigger story... the role that government played in bringing about the downfall of the American economy and the propping up of the one business that caused the trouble in the first place..."

He notes that "The new breed of Wall Street executive is far more progressive, far more LIBERAL, and thus believes to a far greater degree in his or her broader responsibilities to the country, to mankind, than his or her predecessors." (Pg. 51) Gasparino notes that a twentysomething Goldman Sachs trader told him, "We're making money in so many different ways it's frightening." (Pg. 57)

He reports with cynicism on President Obama's criticisms of Wall Street, stating, "When you've bought and paid for a politician at this level, as the bank chiefs were slowly coming to realize, you have to take such attacks in stride. But that didn't mean they had to like it." (Pg. 168) He adds, "a little schoolyard ragging was a small price to pay for being saved and allowed to make record amounts of money." (Pg. 173)

He observes that when Wall Street had given out $20 billion in cash bonuses just months after the 2008 bailout, President Obama had described it as "shameful." Gasparino adds, "Now he had even more choice words for his Wall Street friends. But they... seemed not to have a care in the world. And they traded that way." (Pg. 183-184) "Under Obama... mere MONTHS after nearly destroying our financial system, the men and women responsible were rolling in profits that were essentially guaranteed by the American taxpayer." (Pg. 242) Gasparino is highly critical of the stimulus package: "Never before had so much money been printed for so little gain... GDP barely improved, while unemployment grew to enormous highs." (Pg. 228)

This is a sharply worded, yet often very insightful examination of government policies and Wall Street.

[Ellison]

Heart-wrenching tale about how politicians ask for funds from Wall $treeters and then eventually employees become part of administrations. Shares how new financial product$ were created as a side bet. When the initial products fail the secondary products fail as well. Additional funding is requested from the government. the President badmouths them in front of the camera to let the population think they have been disciplined. Sickening, insightful, swearing.