Barack Obama criticised for '$400000 Wall Street speech fee'

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Obama and former first lady Michelle Obama stand to make tens of millions of dollars in honorariums.

Popular Video People were so furious about this Pepsi ad that Pepsi pulled it after just one day. It's also double what Hillary Clinton previously commanded on the speech circuit.

Barack Obama once told CBS's "60 Minutes" that he didn't "run for office to be helping out a bunch of fat cat bankers on Wall Street".

Reports indicate that the event is a healthcare conference to be hosted by Wall Street firm Cantor Fitzgerald and scheduled for September this year. A person who has knowledge about the arrangement disclosed that Obama said yes to being a keynote speaker at one of Cantor's events, CNBC noted.

Obama will serve as the keynote speaker for a luncheon hosted by Cantor Fitzgerald LP, a mid-sized NY investment bank, sources told Fox Business.

Former President Bill Clinton averaged about US$200,000 per speech while former President George W. Bush is reportedly paid US$100,000 to US$175,000 for each appearance. And in 2008, Obama blamed the financial crisis on big banks and said the Great Recession was "caused in part by completely irresponsible actions on Wall Street". BBC reports that many have openly criticised Obama's decision to give the speech saying that it would undermine everything he believed in. After long stints in public office, speaking engagements are a common way for people to drum up some extra income although it often leads to intense public scrutiny and criticism.

"Should we expect it?" A blockbuster auction had already set a record for U.S. presidential memoirs. The NYP has even gone on to call him the "Wall Street's newest fat cat". "It's more hypocritical than ironic". "If this material goes well, I'll use it at Goldman Sachs next year", he said. She was paid $225,000 (Ksh22.5 million). In addition to appearing like a hypocrite, the editors point out that if Obama accepts the money it will be poor optics for the Democratic Party - the last thing a defeated and divided party needs right now. They remain popular and left the White House with high approval ratings.

The Democrats are still seeking leadership, and their first legislative gain, since Donald Trump's victory.