Sign up FAST! Login

Why Do America’s Super-Rich Feel Victimized by Obama?


Stashed in: Wealth!, America!, Obama!, New Yorker

To save this post, select a stash from drop-down menu or type in a new one:

Anecdotal article about why Wall Streeters in particular feel alienated by Obama. Short version:

* He's never been in the private sector

* He doesn't kiss financier ass enough

* The wealthy have come to see charity as essentially a REPLACEMENT for taxation -- with the advantage that it is voluntary and goes to causes that they choose. So instead of paying 30% tax and then giving another 10% on top of that... the very wealthy think it's ethically equivalent to pay 13% tax and give away 10% to their church/synagogue, museum, kid's private school, and alma mater. Seems like maybe an unintended consequence of the whole Gates Foundation + Clinton + Buffett school of charity...

Thanks for this article.

I was wondering why so many Goldman people switched to Romney:

Four years ago, employees of New York-based Goldman gave three-fourths of their campaign donations to Democratic candidates and committees, including presidential nominee Barack Obama. This time, they’re showering 70 percent of their contributions on Republicans.

Wouldn't it be smarter of them to back both candidates so no matter who wins, Goldman wins?

No. Because if they prefer a world where Obama loses and a former PE guy wins, it's better for them to put their eggs in one basket. A 2nd-term Obama won't be concerned with future election campaign monies, so perhaps they are so frightened they are willing to do almost anything -- legally, of course -- to get him out of office.

In a 2nd Obama term, but because of popular sentiment against Goldman Sachs as well as political will power, one doesn't envision a scenario where Goldman could win, even if they donated equally to both parties.

You May Also Like: