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Posted by straight shooter on January 19, 2009 under Political

Obama’s Inauguration Has Been Financed Partially By Bailed-Out Wall Street Executives

The country is in the middle of the worst economic downturn since the Great Depression, which isn’t stopping rich donors and the government from spending a minimum of $170 million, or more, on the inauguration of Barack Obama.

The actual swearing-in ceremony will cost $1.24 million.

The federal government estimates that it will spend roughly $49 million. Washington, D.C., Virginia and Maryland have requested another $75 million from the federal government to help pay for their share of police, fire and medical services.

And then there is the party bill. “We have a budget of roughly $45 million, maybe a little bit more,” said Linda Douglas, spokeswoman for the inaugural committee.

Among the expenses: multiple concerts, the parade, large-screen TV rentals for all-free viewing on the national Mall, $700,000 to the Smithsonian Institution to stay open (for whatever reason other than pork) and, of course, the balls, including three that are being pitched as free or low cost for the public.

But there are plenty of rich donors willing to pick up the tab. These are people giving mostly $50,000 apiece. They tend to be corporate executives, celebrities, the elite of the elite.

Best Seats in the House

The biggest group of donors were none other than the recently bailed-out Wall Street executives and employees. Seems the finance sector is well represented, despite its recent troubles they still managed to pull together nearly $7 million for the inauguration.

The donors will get some of the best seats in the house (another reward for bad behavior) for the inauguration, as well as admittance to some of the best balls and other events. Of course this is to establish themselves from day one as his biggest financial supporters. And if there’s something they need or to tell him down the road, they will have an easier time doing that than everyone else.

Besides Wall Street firms, a large chunk of the money came from liberal supporting employees at companies such as Microsoft, Google and DreamWorks Animation.

  • According to the Center for Responsive Politics Microsoft CEO Steven Ballmer and his wife, Connie, each gave $50,000. So did Microsoft chairman and co-founder Bill Gates and his wife, Melinda.
  • DreamWorks CEO Jeffrey Katzenberg and his wife, Marilyn, each gave $50,000. Filmmaker and DreamWorks co-founder Steven Spielberg and his wife, Kate, both also gave $50,000. And DreamWorks employees gave a total of $275,000.
  • Of course billionaire investor George Soros and his family contributed $250,000 to the inauguration, and Google co-founder Larry Page and CEO Eric Schmidt each donated $25,000.
  • Other big-name donors who gave $50,000 include filmmaker George Lucas, artist Dale Chihuly, Los Angeles Dodgers President Jamie McCourt. Citigroup managing director Raymond J. McGuire; Oracle President Charles E. Phillips Jr.; actresses Halle Berry and Sharon Stone; and Melvin Simon, co-founder of Simon Property Group, the largest mall owner in the United States.