Former president Barack Obama just signed a huge deal with a Wall Street firm to deliver a speech later this year. He once referred to Wall Street bankers as “fat cats,” but will earn a fat cat payday for just one day. If anyone thought Hillary Clinton made a fortune off her speeches, they’ll find it hard to believe what Obama’s rate is.
Fox Business reports that Barack Obama will speak at a Wall Street conference organized by Cantor Fitzgerald LP. Obama’s speaking fee will be $400,000, which is almost double what Hillary Clinton earned from private businesses to give speeches.
The former president is set to deliver his speech in September at Cantor’s health care conference. He’ll also be a keynote luncheon speaker for one day during the event, sources with the firm reveal.
Barack Obama reportedly signed the contract to give a speech at the rate of $400,000, but the New York investment bank isn’t ready to make the announcement until other details are finalized with the former president. According to the report, a spokesperson at the firm hasn’t commented on the matter, but hasn’t denied that Barack Obama will give a speech at the Wall Street event.
— Fox News (@FoxNews) April 25, 2017
Obama agreeing to speak at the event is likely to draw massive criticism considering the fact that he chastised the huge salaries Wall Street bankers made during the 2008 recession while average Americans were struggling. He placed blame on Wall Street for the financial crisis and the unraveling it caused. His acceptance of the astronomical speaking fee by Wall Street may come off as hypocritical, which could be a factor in him backing out of the arrangement, according to Fox News.
Sources say there’s a lot of flexibility in Barack Obama’s contract to speak at the fall event, such as schedule conflicts or if there are any other concerns like “adverse publicity.” BBC reports that Obama is already getting a lot of criticism for agreeing to speak at the Cantor conference.
In a 2009 interview on 60 Minutes, Obama asserted that Wall Street firms were the last thing he wanted to help out.
“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street.”
Obama continued to blast Wall Street by demanding that they take accountability for the financial crisis.
Hank Sheinkopf, a Democratic political consultant, tells Fox News that there’s plenty of irony with Obama giving a speech on Wall Street despite the fact so many former presidents do it.
“Is there an irony here because he spoke incessantly about the income gap and is now earning from those same people he criticized? Should we expect it? Yes, we should because all former presidents do this. He went on the attack against Wall Street and now he’s being fed by those same people he called ‘fat cats’. It’s more hypocritical than ironic.”
Hillary Clinton was taken to task during the presidential campaign last year for her speeches to Goldman Sachs in 2015. Republicans and Democrats alike wanted transcripts released from three speeches she gave for $225,000.
Barack Obama Reportedly Banking $400k for Wall Street Speech https://t.co/KsEYemrshc
— TMZ (@TMZ) April 25, 2017
Both Barack and Michelle Obama are cashing in, post-presidency, on their celebrity status. They remain popular and left the White House with high approval ratings. Since Donald Trump took office, interest in the Obamas hasn’t ceased. They’ve enjoyed an extended vacation since January 20, and are in the process of writing their own books. They were paid a $60 million advance to write about their experience in the White House and to spill on various details they never revealed to the media.
Are you surprised to learn that Barack Obama agreed to deliver a Wall Street speech for $400,000?
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