Kenneth Griffin, a famously private 39-year-old billionaire ... threw his support behind Obama's presidential campaign just as he hired a team of lobbyists to urge Congress to preserve a lucrative tax loophole.
A year ago, Griffin invited Obama to speak to employees of his Chicago hedge fund, Citadel Investment Group, and in subsequent months, employees and their families gave the candidate nearly $200,000. Griffin had previously backed Republicans, including Obama's initial U.S. Senate opponent.
To his credit, Obama "resisted Citadel's lobbying push." There are others who might be cause for concern.
Several on Obama's list at least appear to have interests in conflict with his platform. There is the billionaire casino developer who plans to put a slot parlor in Philadelphia; Obama has decried gambling for its steep "moral and social cost." And there is the director of General Dynamics, the military supplier that has seen profits soar since the onset of the Iraq war and that has benefited from at least one Obama earmark.
Obama's campaign does grant access to the bundlers:
Obama's bundlers help make up a more loosely defined "national finance committee," whose members are made to feel part of the campaign's inner workings through weekly conference calls and quarterly meetings at which they quiz the candidate or his strategists. At one meeting, bundlers urged the campaign to link Iraq war costs with the faltering economy. And they got an advance copy of Obama's Philadelphia speech in which he addressed the incendiary remarks of his longtime pastor.
Obama policy advisers also meet with bundlers and other top givers. The bundlers maintain they want nothing from Obama in return:
"There's nobody with their hand out," [Boston financier Alan] Solomont said. "People are doing this because they believe in this candidate."
Obama has strategically reached out to the bundlers. One story:
Florida investment manager Mark Gilbert flew to Washington to meet with Obama but got only a short evening meeting before the candidate broke off for another engagement.
Obama did not realize that Gilbert had come just to see him, and when he found out, he quickly made amends. Gilbert got a call that night at his hotel. "It was the senator," he said. "He said he didn't realize he was going to have so little time," and he invited Gilbert to breakfast. "I was very impressed that someone trying to build a national team would reach out like that," he said.
At least one wealthy donor is tied to one of Obama's earmarks (more on the earmarks here):
The Chicago contingent also includes James Crown, a director of General Dynamics, the military contractor in which his family holds a large stake. The company has been the beneficiary of at least one Obama earmark, a request to spend $8 million on a high-explosive technology program for the Army's Bradley Fighting Vehicle. The program got $1.3 million.
The descendants of Henry Crown, architect of a great American fortune, James Crown and his family donated more than $128,000 to Obama's U.S. Senate race in 2004. Crown was among the first people Obama approached as he contemplated a White House run.
Bottom line: Obama has done a great job fundraising from small donors. But his support also comes from big donors and the wealthiest of Americans, particularly in the corporate community, many of whom spend lavishly on lobbyists and try to exert influence in Washington.