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Clinton camps accuses Obama of taking more money from the top 10 sub-prime loans - Numbers disagree

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sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:16 PM
Original message
Clinton camps accuses Obama of taking more money from the top 10 sub-prime loans - Numbers disagree

http://www.usatoday.com/news/mmemmottpdf/clinton-response-to-obama-3-27-2008.pdf

Clinton campaign policy director Neera Tanden issued the following statement in
response to Senator Obama’s remarks today: “Presidents have to do more than announce
principles. They have to solve problems. At a time of crisis in our financial markets,
Senator Obama announced a series of broad, vague principles, while offering no new
concrete solutions to provide Americans with greater confidence in the market or keep
them in their homes. The contrast could not be clearer - on Monday, Senator Clinton
announced a detailed, specific plan to address the housing and credit crisis. On Tuesday,
Senator McCain announced that he had no plan. And today, Senator Obama offered just
words.”

INFO ON OBAMA’S DAY IN NEW YORK:

On Monday, the Obama campaign responded to Hillary unveiling a comprehensive plan
to deal with the housing crisis by attacking her for taking contributions connected to
subprime lenders. Campaign manager David Plouffe said: "If we're really going to crack
down on the practices that caused the credit and housing crises, we're going to need a
leader who doesn't owe those industries any favors."

As it turns out, those were just words… Today, Senator Obama gives an economy
speech followed by a fundraiser at - you guessed it - one of the top 10 issuers of subprime
loans in America, Credit Suisse. In fact, Senator Obama has taken more money from the
top 10 issuers of subprime loans than BOTH Senator Clinton and Senator McCain

(cq.com).
- Obama has taken $1,180,103 from the top issuers of subprime loans.
- Obama received $266,907 from Lehman.
- Obama received $5395 from GMAC.
- Obama received $150,850 from Credit Suisse First Boston.
- Obama received $11,250 from Countrywide.
- Obama received $9052 from Washington Mutual.
- Obama received $161,850 from Citigroup.
- Obama received $4600 from CBASS.
- Obama received $170,050 from Morgan Stanley.
- Obama received $1150 from Centex.
- Obama received $351,900 from Goldman Sachs.





http://online.wsj.com/article/SB120666677096370545.html

Barack Obama was still plowing through his economic speech Thursday in New York when Hillary Clinton's campaign sent an email to reporters, accusing her rival of taking more campaign cash from the main players in the subprime-mortgage industry than the other two presidential candidates.

However, several measures suggest Sen. Clinton received more from major subprime companies than Sen. Obama and probable Republican nominee John McCain.

The jab against Mr. Obama from Clinton campaign Deputy Communications Manager Phil Singer was part of the daily trench warfare that has occupied the two Democratic candidates, as each tries to sow doubt about the other while quickly moving to limit the fallout from potentially damaging revelations.

...

However, the email didn't mention that Sen. Clinton raised $1.32 million from the same 10 companies during the same cycle.

...

Clinton officials said they didn't mean to say that their candidate was free of Wall Street ties. The point of the email, they said, was to counter Mr. Plouffe's suggestion that Sen. Clinton was less trustworthy on the issue than Sen. Obama.
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anonymous171 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:17 PM
Response to Original message
1. More Clinton distortion.
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no_hypocrisy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:24 PM
Response to Reply #1
2. and desperation.
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papau Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:24 PM
Response to Original message
3. About time Hillary Clinton forced folks to admit Obama is as much big corp as her
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bigtree Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:30 PM
Response to Reply #3
7. that's lost in the strident criticisms of her for being 'status quo' and 'politics as usual'
Obama didn't have the same standards on funding that he's adopted since he began running for president. He's indistinguishable from the majority of the party on most issues, including a comparison with Sen. Clinton's record.
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sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:39 PM
Response to Reply #7
10. the criticism here is that their accusations about the numbers are false
Obama "has taken more money from the top 10 issuers of subprime loans" - that is false
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bigtree Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 07:50 PM
Response to Reply #10
16. that may be correct, but not by much
I don't understand why the Obama camp would want to highlight that. The earlier response that these are individual contributions was more clear. This account legitimizes the argument that these donations represent support from these brokerages.
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sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:34 PM
Response to Reply #3
9. by distorting the numbers?
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anigbrowl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:53 PM
Response to Reply #3
13. $1.2 million is not big money in this context
Bear in mind (for both candidates) that several of these corporations are very large, in terms of staff etc., and of course the majority of employees are well paid. If they've given the max donation of $2300, you're talking about 500 or so people.

And yet Obama just delivered a speech talking about the need for giving the new regulatory powers and proposing substantial market reforms. 2 years ago this would have been poison to Wall street, but now that they're suffering from a nasty financial hangover he sounds more like the doctor gently saying 'you've got to cut back on all that gearing...it's making you sick.'

By contrast, the Clinton economic plan doesn't have much meat, and certainly not much new. Close tax loopholes and give incentives not to move jobs overseas - both candidates have said this for a while. Create lots of new green jobs - ditto. Even McCain says we can create more jobs by backing environmentally friendly power/technology.

The unique parts of Clinton's plan are more money for job training (good), and a government savings credit (also pretty good - save $1000, the govt. will match it for people earning up to $60k a year, or match it with $500 if you earn up to $100k). But that's about it. And while it's nice, it's basically a medium term fiscal stimulus, aka a handout - albeit an anti-inflationary one. The reason I'm lukewarm is that her plan shies away from anything resembling structural or regulatory reform: although I hate to say so, it's kind of 'tax and spend'.

She's smart to direct its effects towards ordinary people, whereas Obama's plan may look abstract by comparison. But I'm struck by the fact that Clinton proposed nothing at all with regards to Wall Street - it's business as usual when it comes to the financial industry.

In fact, if I sold financial products I'd be salivating over the Clinton plan because it looks like a juicy pile of new capital...sign up 1000 people for a 'smart savings' fund or something, have them deposit a million bucks, and the govt. will kick in another million? Well, now I have $2 million in cold hard cash, so I could (VERY conservatively) leverage that into a $20 million, fully hedged market position, work that for about a 10% annual return, pay the savings account holders 3% in the interest and pocket the ~$1.5 million I'd have left after my overheads.

Now change the '1000 people' to a million people and the millions to billions and we're looking at making some real money, baby. This is as much a promise of liquidity for banks as it is a bonus to savers, because the matching fund will be contingent on leaving your savings in the bank or fund for at least 1 year, if not 3 or 5.

Read the whole speech here: http://www.washingtonpost.com/wp-dyn/content/article/2008/03/27/AR2008032701916.html.
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samdogmom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:28 PM
Response to Original message
4. Doesn't Obama have 2+ million individual donors?
Hmmm!

How many individual donors do Hillary and McCain have?

Me? I've donated a paltry $200 to Obama so far--in three donations!!!! He truly has to work for his money!
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:30 PM
Response to Original message
5. Employees vs Corporations themselves
Edited on Fri Mar-28-08 12:30 PM by Jake3463
Needs to be a distinction, none of this money came directly from the companies.

Everyone has to work for someone. Not all of us are heirs.
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Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:30 PM
Response to Original message
6. Let see her taxes 2000-2006
Remember she called him out on his taxes and he produce it the next day
then refused to release hers.



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Araxen Donating Member (826 posts) Send PM | Profile | Ignore Fri Mar-28-08 12:33 PM
Response to Original message
8. Hillary should just hang it up
This is getting pretty embarrassing to watch.
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stillcool Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:51 PM
Response to Original message
11. Clinton camp accuses Obama..
of everything they can think of. No more kitchen sink, we've moved on to the toilet bowl.
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EmperorHasNoClothes Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 12:53 PM
Response to Original message
12. These numbers are misleading in any case
My donations to Obama show up in this type of listing as coming from my employer, even though my employer had nothing to do with them and doesn't even know about them. When you make a donation, you are asked for your company name, and this is where these numbers come from. To suggest Obama or Clinton has received hundred thousand dollar checks from each of these companies is incredibly wrong.
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sabra Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 01:01 PM
Response to Reply #12
14. I agree - the criticism is that that Clinton are distorting these numbers
in memos sent out to the media...
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damntexdem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-28-08 01:19 PM
Response to Original message
15. But Hillary had to ignore those subprime lenders on the tarmac and run for the hanger ...
because of sniper fire. So she couldn't have taken their donations. At least, that's how she remembers it. ;-)
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