Bought and Paid For: The Unholy Alliance Between Barack Obama and Wall Street Hardcover – October 5, 2010

Gasparino of the Wall street Journal writes a very personal look at Wall Street's financial institutions influence on Washington. In this case, the primary focus is on Obama but the influence is felt at the SEC, Treasury, FED, congress and other notable positions in government. This is a very personal look at the influence of the major companies particularly The CEO's influence and financial transaction that contributed to the meltdown; Larry Fink of Black Rock, Jimmy Cayne of Bears & Stearns, Lloyd Blakenfein of Goldman Sachs, Jamie Damon of JP Morgan Chase, Richard Fudd of Lehman Brothers, Stanley O'Neil of Merrill Lynch, Robert Rubin of Citigroup, and Vikam Pandit of Citigroup. On the government side, many key officials were former wall Streeters or had close ties to the street such as Hank Paulson from Goldman Sachs, Rahm Emanuel worked at Goldman Sachs, Larry Summers who was associated with Robert Rubin, and Tim Geither former NY Federal Reserve Bank chairman. The financial influence is very evident in campaign contributions that Gasparino documents away from the republicans to the democrats n 2008 and shifts from Hillary Clinton to Obama who is considered a friend of Wall Street with little financial experience. Although campaigning for change, he embraces former Clinton Treasurer Robert Rubin until he is connected to the crash and is fired by Citigroup, Larry Summers who as Treasurer signed away Glass Steagall and Timothy Geithner. As Gasparino notes, Wall Street feared McCain, who in their eyes was too independent of their influence. The weight of their influence is best exemplified by Harry Reid berated by Goldman President Gary Cohn at a fund raiser for criticizing wall street. Reid's campaign chest has heavy contributions from the Street and Gasparino infers that Reid took it since he still sought their continued support. Lots of books discuss the financial crisis but in this book the author shows the personal influence of the men that rode the economy down on our government leadership. Gasparino has a mild swipe at Matt Taibbi of Rolling Stone by saying he has it almost right yet mysteriously leaves him out of the index. The book has a nice appendix with mini bios on the main characters and an appendix 2 that contains a financial glossary.

Excellent job in pulling aside the curtain to expose the kabuki theater that is relationship between political figures and Wall St.. While banging the drums decrying income inequality and declaring their loyalty to Main St., politicians of both parties rub shoulders and party with the K Street big shots, all while working to enhance their power and wealth at the cost of the taxpayer. For those wondering why several Wall ST. CEO's did not go to jail after the 2008 crash, Gasparino explains why that would probably necessitate opening an equal number of cells for members of Congress who were complicit in the disaster.

The author, Charles Gasparino, an award-winning journalist and currently a senior correspondent for Fox Business Network, gives an accounting that the reality is that Obama and the Democrats in Congress have been bought and paid for by the same bad guys who wrecked the economy.The big banks will still be allowed to make a killing from shady practices & meanwhile, the burden of higher taxes and regulations will fall on small businesses--the true engine of our economic growth---and on the ordinary, hard-working, middle-class Americans. This book is a good read...get one for yourself and you decide.

This book like so many others highlight the atmosphere during the Obama years. Distrust, development of class warfare, pitting one group over another as well as outright lies. Obama loves to talk. He obviously knows how to sell falling on the sword for the new moral leader. I don't understand people ignoring the path he is leading us down. He double talks and mis-speaks more than any Chief Executive I have ever seen. This book shows the way he works in a very clear fashion. Always underhanded. Can't wait for 2012.

Excellent book which provides specifics on how financial & political decisions were made that affect the lives of all citizens for both the short and long term. The book further permits a better understanding, with documentation, of how our government has been manipulated by Big Dollar Lobbyists AND "cheap politicans", who will do and say anything to get elected with total disregard of the freedoms/values our founding fathers wanted the country to stand for. Likewise, many citizens assume conservatives control all the big financial purse strings, when in fact as noted in the book, liberals interested in only making money via corrupt politicans, had primary control of the largest financial institutions AND elected to support Obama for President because he would be the easiest to manipulate. It is also valuable to know that much of the information is derived from sources that were from inside the large financial instituions, and not merely based on speculation as to how the system works.All citizens should have a chance to read this book in order to be a better informed voter.

Not terribly suprising, but there turns out to be little distance between the Bush and Obama administrations on the "too big to fail" policy. No prosecutions for the "banksters"? They paid plenty for insurance so no matter who who the 2008 presidential election the would be protected. Is it really a democracy when there is no real choice between the two parties on matters of such monumental importance?

I am 66 and this book was long overdue. Right on the money. All Americans need to read this book to understand once and for all WHY governments, ALL governments, love to put their citizens into debt. Here's a "tip". Because Wall Street and Banks want to sell that debt around the world because they make huge commissions when they do. It's like a car dealer who wants to sell cars, but never has to actually pay for the cars sold. They just move them down the line. An excellent book which is well researched.

Soooo on the mark! Whomever wants to know what's REALLY going on - this is THE book to read! If enough good people read this, hopefully enough will be awakened so we can save our beloved USA

Charles Gasparino is a good investigative financial reporter - his book on the causes and internal machinations within the major financial institutions and legislature before and during the recent Global Financial crisis, "The Sellout" was one of the best of many books published on the subject.In his latest book, "Bought And Paid For", with his assiduously researched material, he argues the case that 'Wall Street' set out to seduce the Democratic Presidential nominee, Barack Obama, by pledging financial support for his campaign in return for preferential treatment, in the wake of the vociferous public demands for the heads of those deemed responsible in the financial industry for decimating the public purse.Seemingly but hardly unsurprisingly Obama allowed himself to be beguiled, by these silver-tongued Wall Street titans,(perhaps silver-tongued is a bit misleading as the book tends to reveal a propensity towards coarseness in both the titans and politico's language)and was happy to play along with the contention that at heart he was a capitalist in order to gain support for his candidacy from an unlikely but very influential and wealthy quarter.However, having 'piggy-backed' on the 'Wall Street' support in furtherance of his 'getting elected' objective,once elected, he quickly turned into an eat-the-rich populist after the bailout fuelled public outrage, and did not come across on the perpetrators of the financial meltdown as gently as was anticipated. Astronomically highly remunerated Bankers do not like having to repay taxpayers for bailing them out of the cost of their mismanagement, and curtailing future personal fortune accumulation, so they 'threw their toys out of the pram', stopped chasing what they thought was 'a tart for hire' and reverted back to their traditional support of the Republicans."Bought And Paid For" reads like a story which is skilfully narrated by Gasparino, giving real insights into the murky world of political lobbying. The result is a jolly good informative and interesting read and open ones eyes on the role of lobbyists in today's political 'bear-baiting' arena.But is anybody the slightest bit surprised let alone shocked at Obama's attempt at taking advantage of 'Wall Street' and vice-versa? I think not. It is clear, however, that in these 'cunning' political lobbying manoeuvrings Obama 'wiped the floor' with, and double bluffed the Bankers and others who set out to feign support, shovel cash in the Democrats direction, and await for the golden goose to arrive on their doorsteps. I bet they must be squirming with embarrassment at their callow naivety and just hate him now!

Charles Gasparino clearly comes at this topic with his own agenda. It's less of an expose and more of a right wing "I-told-you-so!" However, anyone who finds the information in here a surprise must have been living in a cave for the last four years. The book is repetitive and by the end I felt I had read the book twice. Not worth the effort if you have any interest in the news, you'll find nothing new here!