Obama’s $400,000 Wall Street speaking fee will undermine everything he believes in

Obama’s $400,000 Wall Street speaking fee will undermine everything he believes in

Former President Barack Obama’s decision to accept a $400,000 fee to speak at a health care conference organized by the bond firm Cantor Fitzgerald is easily understood. That’s so much cash, for so little work, that it would be extraordinarily difficult for anyone to turn it down. And the precedent established by former Presidents Bill Clinton and George W. Bush, to say nothing of former Federal Reserve Chairs Ben Bernanke and Alan Greenspan and a slew of other high-ranking former officials, is that there is nothing wrong with taking the money.

Indeed, to not take the money might be a problem for someone in Obama’s position. It would set a precedent.

Obama would be suggesting that for an economically comfortable high-ranking former government official to be out there doing paid speaking gigs would be corrupt, sleazy, or both. He’d be looking down his nose at the other corrupt, sleazy former high-ranking government officials and making enemies.

Which is exactly why he should have turned down the gig.

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