Democrats are supposed to be for the little guy and the 99%. That's what Democrats would have you believe with their share-the-wealth mindset.

Wasn't that what President Obama was all about, distributing the wealth and making sure the rich pay their fair share? Well, it looks like the former president just took a page out of the Clinton's playbook with a move that will surely have even his most ardent supporters scratching their heads.

It's funny how during his tenure, President Obama referred to Wall Street as "fat cats." It looks like he just did a complete about-face and raked in a generous sum of $1.2 million for speeches given at the financial institutions Cantor Fitzgerald, Carlyle Group, and Northern Trust Group. That's $400,000 per speech for just for getting on a podium and pandering to the people lining his pocket.

Even if you were down with the whole "Hope and Change" mantra in 2008 and 2012, you can't help but be befuddled. The transgression also goes beyond the Wall Street speeches. He also made $50 million on a book deal.

All this coming from the man who in 2010 signed Dodd-Frank into law. This regulation, in Obama's own words, was supposed to end "a casino-style mentality on Wall Street." Do you know what it actually did? It set up mounds of regulatory barriers that protected the massive wealth of the richest institutions.

That's not all, though. Barry just announced that he will be hosting his own Obama Leadership Summit in his hometown of Chicago. This is basically no different than the Clinton Global Initiative, or AKA the very corrupt Clinton Foundation. Such foundations are get-togethers for rich democrats where huge sums of money are given in return for political favors.

Look, there's nothing inherently wrong with an ex-president giving a speech for Wall Street. Who wouldn't for $400,000 a pop? But it does seem extremely hypocritical considering that much of Obama's campaign was all about holding the wealthy elite accountable. With all this newly-acquired wealth, maybe it's time Obama put his money in his mouth and pay his fair share.

Source: Bloomberg

 
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