Former President Obama is transforming his government service into a winning lottery ticket.
First, the former president and first lady Michelle Obama signed a record joint book deal for $65 million.
Now, Obama is scheduled to get $400,000 for a speech paid by a Wall Street firm.
The New York Times reports:
Out of office for about three months, Mr. Obama has begun the process of cashing in. In February, he and his wife, Michelle, each signed book deals worth tens of millions of dollars. And Mr. Obama’s spokesman confirmed last week that he is beginning the paid-speech circuit.
A $400,000 speaking fee for addressing the Cantor Fitzgerald conference would be a sharp increase from the amounts typically paid to his predecessors. Former President Bill Clinton averaged about $200,000 per speech while former President George W. Bush is reportedly paid $100,000 to $175,000 for each appearance.
While president, Obama blasted Wall Street and pushed through the Dodd-Frank banking law.
Suddenly, with big money to be made, Obama now supports Wall Street.