“Obama’s White House is full of Wall Street Executives.”

Claim: “Obama’s White House is full of Wall Street Executives.”

Ad(s): Obama’s Wall Street (originally aired beginning in February 2012, updated May 2012 with minor correction to this claim)

Sponsor(s): American Future Fund

Air Dates: May 14-19, 2012

Total Estimated Spending On This Claim:  $908,457 ($1,816,914 Total)

Markets: Albuquerque, Cedar Rapids, Charlotte, Des Moines, Raleigh, Reno, West Palm Beach, Greensboro, Lansing, Marquette, Traverse City, Colorado Springs, Columbus (OH), Dayton, Flint, Grand Junction, Grand Rapids, Norfolk, Ft. Meyers, Greenville (NC), Greenvile (SC), Jacksonville, Las Vegas, Detriot, Orlando, Richmond, Roanoke, Tampa, Toledo, Wilmingham

Factcheck.org Summary:  Original ad, February 2012…The viewer is shown photos of seven people to support this claim – but more than half of them are bogus examples. One of them never worked as an investment banker (Geithner); two of them have resumes that fall far short of being “Wall Street executives” (Rahm Emanuel and Louis Caldera); and one was not part of the White House (Jon Corzine). The most blatantly false example is Geithner, who is pictured along with the words “Goldman Sachs” and “$1.7 million estimate of assets.” Despite a popular myth circulated on the Internet, Geithner never worked for Goldman Sachs…While the ad’s narrator focuses on these seven “Wall Street executives,” the names of 27 people scroll up the screen under the header of “Obama’s Wall Street Inner Circle.” It’s supposed to read like a Hall of Shame. But we found 14 of those names don’t belong on the list – including, as mentioned above, Geithner, Emanuel and Caldera. Click here to read more

Re-released  May 2012…This ad was updated to fix the misidentification of Geithner with Goldman Sachs, but The original version [of the ad] displays “Goldman Sachs” under a photo of Treasury Secretary Timothy Geithner, even though he never worked there nor at any Wall Street firm. That has been fixed in the revised ad – but only in one place. It still identifies Geithner as a former Goldman executive when listing the names of 27 members of “Obama’s Wall Street inner circle.” Among the others who remain on the list, even though they don’t belong: Emil Michael – a White House fellow, class of 2009-2010. This supposed member of the president’s “inner circle” didn’t even work at the White House. He served his fellowship at the Department of Defense. Stephen Friedman and Neel Kashkari – two Bush officials. Kashkari, a key Treasury official overseeing the Wall Street bailout under Bush, briefly stayed on with the new administration. He resigned in May 2009. Friedman was chairman of the President’s Intelligence Advisory Board under Bush, but Obama had new intelligence advisory co-chairmen in place by October 2009. William Dudley and Adam Storch – neither of whom worked in the Obama administration. Dudley was selected by the New York Fed’s board of directors to replace Geithner after a two-month search by an outside firm. Storch was hired by the Securities and Exchange Commission to work in the Division of Enforcement.  Click here to read more