Music Photos of the Year 2012
September 18: Jay-Z and Beyonce host an exclusive fundraiser for Barack Obama's campaign at the 40/40 club.

After an appearance on the Late Show With David Letterman in New York on Tuesday, President Barack Obama picked up a cool $4 million at a fundraiser hosted by Jay-Z and Beyoncé at the 40/40 Club.

One hundred donors in suits and dresses sat on sofas in a large, dark glassy room at Jay-Z's exclusive club, according to a pool report. Each paid $40,000 to attend the event.

"I can't tell you how proud we are to host tonight's event with President Obama," Beyoncé, wearing a red cocktail dress, told the crowd. "We believe in his vision."

Obama thanked them when he took the stage.

"To J and B, thank you so much for your friendship."

The president told the crowd that "Michelle, Sasha and Malia are mad at me because they aren't here."

He said the couple has been so generous to his children: "Beyoncé couldn't be a better role model for our daughters because she carries herself with such class and poise and has so much talent."

Obama also said he and Jay-Z have a lot of common. "We both have daughters and our wives are more popular than we are. So, you know, we've got a little bond there. It's hard but it's okay."

Obama was more subdued while speaking at this event, though he hit many of his same themes.

"We've made history in the past and we're going to make history in the next seven weeks," he said.

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