'Height of Hypocrisy': Obama Called Out for Planned Big-Money Speech to Wall St. Firm
Former President Barack Obama reportedly agreed to give a lucrative speech to Wall Street firm Cantor Fitzgerald LP.
But many are now pointing back to the 44th president's harsh criticism of the financial industry, including calling Wall Street bankers "fat cats."
Fox Business Network's Charlie Gasparino broke the story, reporting that Obama's speaking fee will be $400,000, nearly twice as much as Hillary Clinton received for similar appearances.
Gasparino said Obama has agreed to be the keynote speaker on health care at an event in September.
Obama spokesman Eric Schultz confirmed the reported amount the former president will be paid.
"With regard to this or any speech involving Wall Street sponsors, I'd just point out that in 2008, Barack Obama raised more money from Wall Street than any candidate in history and still went on to successfully pass and implement the toughest reforms on Wall Street since FDR," Schultz told Fox News.
A spokeswoman for Cantor said the firm is not in a position to comment just yet, but would not deny that Obama has agreed to speak to the firm and at the $400,000 fee, he reported.
On "Fox & Friends," Kristin Tate, author of "Government Gone Wild," said the speech would be the "height of hypocrisy" after his harsh criticism of Wall Street.
"It's all about personal gain for Obama," she said, adding it's not surprising for a politician to "cash out" after they're out of office.
"But Democrats end up looking more hypocritical than Republicans because it's the Democrats who constantly rail against greedy, rich bankers and rich business people," said Tate.
On "Your World," Gasparino and Neil Cavuto both questioned why the mainstream media isn't focusing on this story.
Cavuto held up copies of the New York Times, Washington Post and USA Today, noting there was no story in any of the publications following Gasparino's report the day before.
Watch the segments above.
UPDATE: Obama's spokesman issued a statement on the criticism of the planned speech.
Eric Schultz said in 2008, then-candidate Obama pulled in more money than any candidate in history, and went on to "implement the toughest reforms on Wall Street since FDR."