For months the Obama administration has been pushing for a foreclosure fraud settlement that would be very favorable for the big banks. Obama finally got the deal he has long wanted today, Thursday February 9th. It was reported that a deal had been reached last night, February 8th.
This means on Tuesday February 7th, it must have been known to people in the Obama administration that a foreclosure fraud deal had already been reached or would be reached in the next few days.
February 7th also just happens to be the day that the Obama campaign decided to officially endorse having people donate money to their own allied Super PAC. Up until then Obama had campaigned against the idea of Super PACs, but on Tuesday Obama reversed course and decided to essentially tell millionaires that he wanted them to use Priorities USA to make huge donations to help his re-election.
Later that same day, Jim Messina, Obama’s campaign manager, went to New York City to assure top Wall Street players that Obama would be very nice to them. From Bloomberg:
Jim Messina, President Barack Obama’s campaign manager, assured a group of Democratic donors from the financial services industry that Obama won’t demonize Wall Street as he stresses populist appeals in his re-election campaign, according to two people at the meeting.
At the members-only Core Club in Manhattan, Messina provided a campaign briefing last night for some of the president’s top donors, including Ralph Schlosstein, chief executive officer at Evercore Partners Inc., and his wife, Jane Hartley, co-founder of the economic and political advisory firm Observatory Group LLC; Eric Mindich, founder of Eton Park Capital Management LP; and Ron Blaylock, co-founder of GenNx360 Capital Partners.
Less that 48 hours after signalling that Obama wanted very rich donors, like perhaps Wall Street executives, to give unlimited money to his allied Super PAC, his Department of Justice announced it reached a deal on foreclosure fraud that contains very favorable terms for the big banks.
What a fortunate coincidence that top bank executives who should be very happy about this deal now have an officially endorsed place to show their gratitude to Obama by making unlimited campaign donations to help his re-election. This is truly some lucky timing.