Former President Barack Obama is cashing in on his status, delivering speeches and presentations at a variety of corporate events and raking in big fees. While some presidents retire quietly and others go on to do good works, Obama is taking a different approach.
$400,000 seems to be the magic number for an Obama speech and presentation, according to reports from Fox News and the Daily Mail. While raking in the cash from speaking engagements is certainly allowed, not all former presidents do so.
“Not everyone’s going to be a Jimmy Carter, who does purely good works after he gets out,” Donor Sean Coffey told Bloomberg. “I don’t think getting any grief for doing this is going to bother him at all.”
Raking in the Cash from Recent Appearances
Obama has a busy schedule this fall following a lucrative summer packed with paid speaking gigs, some in front of the very institutions he bashed during his presidency. A few high dollar speaking engagements in recent months include an address to the Northern Trust Corporation in August and a meeting with the private equity fund Carlyle Group for an undisclosed amount.
Mr. Obama is also scheduled to deliver a keynote speech at the upcoming Cantor Fitzgerald conference on health care for another $400,000, according to Fox News. The speech will be during a three day conference for prospective and current clients in late September.
The former president has not always had such a great relationship with banks and bankers. In 2009, he referred to them as “fat cats” and criticized their lack of connection with the American people.
“I did not run for office to be helping out a bunch of fat cat bankers on wall Street,” Obama told 60 Minutes. “They’re still puzzled why is it that people are mad at the banks. Well, let’s see — you guys are drawing down $10, $20 million bonuses after America went through the worst economic year that it’s gone through in decades, and you guys caused the problem. And we’ve got 10 percent unemployment.”
Obama seems to have changed his tune quite a bit, making profitable talks to a variety of “fat cat” banks, equity groups and investment firms since he left office.
The Perks of Being a President
While the speeches are making headlines, both Barack and Michelle Obama are leveraging their time in the White House to earn some extra cash. A book deal with Random House netted the couple a whopping $60 million.
Most Obama backers point to the former president’s current status as a private citizen, but for Jeff Hauser, head of the Revolving Door Project in Washington, there are indeed serious concerns. Hauser, who studies political corruption, points to the ongoing work Obama does on behalf of the Democratic Party and key candidates.
“He’s continuing to exercise the authority,” Hauser said, citing Obama’s continued support for the party’s campaign and redistricting efforts. “He ought to forgo a few hundred thousand here and maybe a half-million there.”
Obama isn’t entirely alone. Former VP Al Gore has a high paying position at Apple, and is a partner at venture capital firm Kleiner Perkins Caufield and Byers. Former VP Dan Quayle has been on the board of Cerberus Capital Management for over two decades.
Hilary Clinton came under fire even before her failed 2016 presidential bid because of the high number of paid speaking gigs she booked and the banking, finance and Wall Street groups she chose to speak to.
Upcoming Engagements
What’s next for the high earning former president? The Obama Foundation is hosting a summit in Chicago this fall, welcoming leaders from around the world for an “immersive event” in Chicago, according to the event’s website.
This gathering of progressive and liberal though leaders is very similar to those held in the past by the Clinton Initiative, which was heavily criticized for attempting to interfere with politics in America, according to the Daily Mail.
~ Conservative Zone
