News / Politics

Obama's paid Wall Street speech distasteful: Sanders

Saturday, 29 April 2017 2:38 PM [ Last Update: Saturday, 29 April 2017 3:17 PM ]

US Senator Bernie Sanders (I-VT) speaks during a news conference on climate change, on Capitol Hill April 27, 2017 in Washington, DC. (Photo by AFP)

Independent Senator Bernie Sanders has criticized former President Barack Obama's plan to receive $400,000 for speaking at a Wall Street conference later this year.

Speaking on CNN on Friday, the former Democratic candidate described the transaction as "not a good idea,” adding that he was "sorry President Obama made that choice."

"I just think it does not look good," Sanders said. "I just think it is distasteful -- not a good idea that he did that."

During campaigning for the Democratic presidential nomination, Sanders had repeatedly attacked rival Hillary Clinton for making paid speeches to Wall Street banks.

According to a report by CNN, Hillary Clinton and her husband, former President Bill Clinton, made a combined $153 million off paid speeches from 2001 to 2015. The couple gave 729 speeches from February 2001 to May 2015 for an average payout of $210,795 for each speech.

Sanders had demanded Clinton release transcripts of those speeches.

"Look, Barack Obama is a friend of mine, and I think he and his family represented us for eight years with dignity and intelligence," Sanders said. "But I think at a time when we have so much income and wealth inequality ... I think it just does not look good."

"It's not a good idea, and I'm sorry President Obama made that choice," he added.

According to Fox News, Obama would be paid the hefty sum for addressing a healthcare conference in September.

Cantor Fitzgerald, a New York City-based financial services firm that organizes the gathering, asked Obama to deliver the keynote speech particularly because of his signature healthcare law the Affordable Care Act, or Obamacare.

Obama’s successor Donald Trump has pledged to “ease the burden of Obamacare" which covers some 20 million Americans.

Democratic Senator Elizabeth Warren has also expressed her opposition to Obama’s plan to make paid speeches. She said on Thursday that Obama’s decision "troubled" her.

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