Obama using SEC suit against Goldman Sachs to raise money on the web

posted at 8:42 pm on April 20, 2010 by Allahpundit

Via JWF, follow the logic here. The SEC suit against Goldman is, allegedly, completely independent of the White House. No politics involved, no arm-twisting by The One, just a simple case of the SEC doing what it does as an autonomous agency of the government. Fair enough.

But in that case, what’s with the ad?

President Obama is bringing his war on Wall Street to the enemy’s turf.

He’ll make his pitch for financial reform in the heart of lower Manhattan Thursday – even as his team make hay of the Goldman Sachs fiasco with a tech savvy appeal to Democratic donors.

Internet surfers who entered “Goldman Sachs SEC” into Google were directed to the president’s campaign Web site via a sponsored link titled “Help Change Wall Street.”

The White House’s political arm paid for the keywords — but would not say how much.

See for yourself. If the White House bears no responsibility for the suit and therefore deserves neither credit nor blame for it being filed, what’s The One doing using it to push a “Help Change Wall Street” message on surfers that links directly to his online operation? In fact, if you click the ad link and provide an e-mail address and zip code in the fields on his site’s home page, guess what pops up?

o-sec

In other words, if you’re excited about the lawsuit against Goldman, send money to a guy who ostensibly has nothing to do with it. The defense here, I take it, will be that The One’s website says nothing about the suit itself and is merely using the search term to attract people who are interested in financial reform more broadly. That’s cute, but it’s a lie: The impression given, clearly, by connecting the two is that Obama’s responsible for the proceedings against Goldman and that cutting him a check will encourage him to sue lots more fatcats. Frankly, if he’s willing to be that shady, I don’t know why he’d limit himself to the Goldman case. Surely there are all sorts of pending DOJ prosecutions with which he has nothing to do that he could milk for some fast cash, no?

Via the Right Scoop, here’s Rush talking about this earlier today.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Comment pages: 1 2

Why would anyone be surprised?

This isn’t about improving Wall Street. It’s about expanding the “protection racket”. Give Washington more power and Wall Street will have no choice but to pay more “protection” money in the form of campaign contributions.

“Nice little business you have there. Be a shame if something happened to it!”.

That’s our new thugocracy.

jeanneb on April 21, 2010 at 7:26 AM


2010
195 days as of today.
House and senate rearranged,wonderboy slowed down or stopped?
2012
931 days and the movers come if we are lucky and do not give up on running this bunch off the rails.

Col.John Wm. Reed on April 21, 2010 at 7:26 AM

I’m sure we all believe Rahmie when he said the White House knew nothing about this whole thing until after it was made public. Mmm… yeh.

I want journalists to start asking why the President of the United States of America still has his own logo and uses it on official documents like recent unemployment graphs. Has any other President ever done this? It’s downright bizarre if you ask me!

Logic on April 21, 2010 at 7:39 AM

Surely there are all sorts of pending DOJ prosecutions with which he has nothing to do that he could milk for some fast cash, no?

spot on…

dear leader truly lowers the standard of the office he holds…truly shameful…

and if W even thought about going this route, my gosh what an uproar we would have seen…

cmsinaz on April 21, 2010 at 7:51 AM

The SEC doesn’t have a case against GS, period. Paolo Pellegrini was the lead guy at Paulson’s company digging through the tranches and looking for the best CDOs to short.

Ultimately Pellegrini and Paulson went directly to GS and told them they specifically wanted more product to short and ACA helped compile the instruments. Pellegrini and Paulson made suggestions and a portion of the crappiest of the crappiest were included but not all. ACA had to know they were shorting but even if they didn’t, I don’t believe there is an obligation to disclose. By definition all of the players are sophisticated investors. There were no retail investors, although there were some very small fish like Cornwall Cap and Michael Burry….J. Kyle Bass’ outfit, Hayman Advisors our of Dallas…but by and large these were fairly large and established players. This has been out there in the public domain for nearly a year or so.

Wait until another structured debt bomb starts to explode in another 18-24 months. Smaller financial bomb in terms of impact ….but it will make headlines…..you heard it first on HotAir.

R Square on April 21, 2010 at 10:20 AM

Was this payment to Google made by those involved in the Government or a private organization? If the former, a FOIA request should get the information.

Conservative in NOVA on April 21, 2010 at 10:37 AM

I want journalists to start asking why the President of the United States of America still has his own logo and uses it on official documents like recent unemployment graphs. Has any other President ever done this? It’s downright bizarre if you ask me!

Logic on April 21, 2010 at 7:39 AM

Very good point.

Ed Laskie on April 21, 2010 at 10:53 AM

I want journalists to start asking why the President of the United States of America still has his own logo and uses it on official documents like recent unemployment graphs. Has any other President ever done this? It’s downright bizarre if you ask me!

But it is not an official government document. If you look closely this is his own political operative organization “Organizing For America” that is loyal only to him….not the Democrat party.

Think of them as a political praetorian guard but instead of armed with swords they are equipped with with clipboards, pamphlets and a community based agenda. They are very active year round on college campuses and surrounding communities.

As the image above shows… this is about funding a grass roots propaganda machine at the community level. This is about political activism. For example, in our university town a leftist professor will be hosting a teach-in on how Goldman Sachs and the big banks ripped off the public and caused the near collapse of the banking system. I am assuming that by contributing to OFA (Organizing For America) one helps subsidize the cost of the newspaper add and pamphlets. It is my view that this is a virtuous propaganda cycle that is designed to coordinate “public demand” for whatever the President is pitching.

We saw something very similar happen locally regarding the healthcare debate. Lefty professors teamed up with lefty medical doctors and “victimized” patients.

The professor talked about governmental policy (tax,regulatory issues and compared and contrasted our system with the advanced economies) the medical doctor spoke about medical efficacy issues and the need for a European style system and what it means to have a civilized healthcare system that looked beyond dollars and cents, and the victimized patients spoke about their medical condition, inability to get insurance and how they have suffered, followed by an impassioned plea for action.

The group collected signatures, handed out contact information for congressional reps and senators.

A co-ordinated TV and newspaper add campaign also was launched by various groups either calling for action or thanking a politician for adopting a particular stance.

I suspect we will see the same thing with Illegal Immigrant amnesty and cap and trade. All designed to create the public demand (real or manufactured) to advance Obama’s agenda.

Ultimately the real target of these “grass roots” advocacy groups are state and local elected officials. But I believe OFA is a central organizing and coordinating nexus for these front groups.

R Square on April 21, 2010 at 11:21 AM

Obama is trying to keep his nose out of it because his campaign received just short of a million dollars from Goldman Sachs.

‘Following the money’ has become the sure-fire way to decipher whatever Obama does. It’s ‘the Chicago way,’ DC-style.

PoodleSkirt on April 21, 2010 at 11:48 AM

Oooo… I love it. Rush was talking about how when you google Goldman Sachs SEC that you get the paid advertisement that is to donate to Pres. Obama. Well, a former Google employee called in and says that the campaign has to pay to have that up there. But that the campaign will set a budget limit for each day because they get charged based each click on that ad (say $0.10 a click). So, if you click on it enough, eventually it will go away and the campaign gets charged for it. So, Rush listeners clicked on it and, sure enough, it went away. Suggest we do it again tomorrow. Obama’s campaign gets charged for people who won’t donate to him. LMFAO!

Sultry Beauty on April 21, 2010 at 1:36 PM

Comment pages: 1 2