Earlier today I read a diary by FirstAmendment entitled “Disgusting. Disgusted.” which was their take on why those on the left should STOP criticizing former President Barack Obama for considering doing the proposed speech for a Wall Street firm this coming September (yes, that’s right — he has NOT done the speech yet, nor even given final confirmation that he will — nor has he been paid yet).
I made the following reply to that diary, and then found it needed to be made to a second diary, which was arguing in opposition to Obama making the speech. At that point, I decided to turn the comment itself into a diary, to avoid having to “spam” it all over DK in response to every one of these anti-speech diaries. So, what follows is the original comment, with a few minor edits and some additional comments to fill things out:
1 — Mr Obama is NOT in politics any longer. He is a private citizen, who will never hold public office again (since he’s already held the highest office there is). Therefore, how he earns his money is really NOBODY’S BUSINESS!!
2 — Cantor Fitzgerald survived both losing the largest single number of employees (658) of any company with offices in the World Trade Center on 9/11 and they also survived the financial crisis because they were NOT engaging in the same reckless behavior as the other financial firms (like Lehman, AIG, et al).
Moreover, Cantor Fitzgerald has done a great deal of philanthropic work in honor of their lost employees. Along with keeping a promise to use 25% of ALL profits they earned for the next 5 years to provide money to each of the original 658 families, they also promised to cover the health insurance costs for those families for 10 years. On top of this, they have continued the legacy of those lost employees, by making charitable donations to help the victims of Hurricane Sandy and of a huge tornado, as well as other acts of kindness.
So Obama, now a PRIVATE CITIZEN, is giving a speech to a firm that survived a horrible tragedy that has impacted life in America in uncountable ways ever since, and who turned their pain into positive action by not only taking care of their own, but helping others as well. They have also recovered as a company, avoided the worst behaviors that led to the 2008 financial crisis (actually profiting in a year when so many larger investment firms folded — and hiring when thousands were being laid off), and continue to invest in smart ways (one current project involves connecting people with their own local “mom & pop” shops).
Basically, Obama is being paid to give a speech to the ONE company on Wall Street that no one should be criticizing. Oh, and by the way — he’s giving this speech at their annual healthcare conference… a subject that Obama cares deeply about — and will forever be associated with since his signature healthcare legislation has been dubbed “Obamacare”. It’s also an issue that Cantor Fitzgerald championed even while still reeling from the losses they suffered on 9/11, by promising to cover the health care of the families of their lost employees for 10 years!!
So what the hell is there to complain about?
Additional Commentary:
I’ll add to this that I am originally from NYC, and lived there during 9/11. So perhaps it was easier for me than for others to recognize the name of Cantor Fitzgerald, since their huge losses (around 2/3 of their entire workforce at the time — including the CEO’s brother and best friend) were in the news constantly in the aftermath of the attacks.
Of course, it was also national news, so SOME of the folks here at DK should remember them too. Still, perhaps you can be forgiven for not knowing that the company kept their promise to help the families of their employees, or that they went on to help many others, including the victims of Hurricane Sandy and other disasters.
However, I’ve also seen diaries and/or comments claiming Obama has ALREADY made the speech (apparently confusing the one he gave to students in Chicago with the one for CF that — if he does it, and I hope he will — is scheduled for September) and/or has already been paid to do so. Both of these assumptions (and you know what is said about assuming things) are incorrect.
Here’s the thing though…. I would expect that anyone who wonders why Obama might be interested in speaking at THIS particular firm’s events might have wanted to look them up, as I did (took about 15 minutes on Google). But that would mean they would have to be serious about it and not just posting some uninformed, knee-jerk reaction, likely based on reading a headline and not the full article under it.
By the way — I want to stress what I wrote in the last paragraph of that comment:
This is a conference on health care! Who would be the first on your list to speak about that besides the man whose entire Presidential legacy rests mostly on his unprecedented and successful health insurance reform bill, which has even been nicknamed for him? Especially when — unlike our current p*esident, who apparently didn’t know healthcare reform was “so hard” — Obama actually did a deep dive into how the old system worked, who was being left out and why, and what ideas there were to fix things (and was open to ideas even from his political rivals)?
On top of that, one could say that Cantor Fitzgerald was a “leader” in terms of healthcare, because of their commitment to keeping the families of their lost colleagues insured for a full decade.
So a company that championed long-term, premium-free healthcare for the families of their deceased employees (something MOST companies would never even think of doing) invites the man who ensured that such things would no longer be necessary, by championing the biggest and most comprehensive overhaul of the health insurance system since Medicare, to speak at a conference ABOUT healthcare — and somehow people who call themselves “progressives” get their panties in a twist because they’re offering to *gasp* pay Obama to be there?
Ridiculous!!
PS — to those who think he shouldn’t take the money, I ask why? Do you even know what he might do with it? Have you considered he might donate to his Presidential Library, or his voting rights foundation, or any number of other charities? Why not wait to judge the man until you actually KNOW what he will do with the money (IF he even takes it).
Or better yet — how about NOT judging him at all, since he has a RIGHT as an American and a private citizen to earn money in any way he chooses, as long as it’s legal.
Friday, Apr 28, 2017 · 10:55:53 PM +00:00 · MaureenMower
So, it appears Obama’s spokesperson, Eric Schutlz, has weighed in:
www.dailykos.com/…
Here’s the money quote:
”… I'd just point out that in 2008, Barack Obama raised more money from Wall Street than any candidate in history -- and still went on to successfully pass and implement the toughest reforms on Wall Street since FDR."
Wednesday, May 3, 2017 · 8:56:58 PM +00:00
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MaureenMower
Update #2 —
Per Jen Hayden’s diary, published today, we now know that Obama is donating 5 times the amount he will be paid by Cantor Fitzgerald (if he agrees to the speech, which has not — as yet — been confirmed AFAIK) to a summer jobs program in Chicago, so that the young people there will have a way to work and earn money this summer.
Keep in mind, he’s making that donation NOW, but he won’t actually be paid for the Cantor Fitzgerald speech (if he does it) until September.
So for those who think they have a right (you don’t) to sit in judgment of his actions even though he is no longer the acting POTUS… enough said!!