Inside Warner Bros. CEO Barry Meyer's Fundraiser With Moguls and Michelle Obama

Wrapping up her second Los Angeles fundraiser Sunday, Michelle Obama wowed the Hollywood crowd at the Los Angeles home of Warner Bros. CEO Barry Meyer, who urged action to keep the president in office.

"This election is about our values," the First Lady told the crowd. "We’re doing this because of the vision for this country that we all share. And we have to remember that this is about values and vision."

PHOTOS: Hollywood's Campaign Contributions: 15 of the Best Election-Themed Movies

According to sources at the event, the evening began with an impassioned speech by Meyer, who told about 100 guests that they needed to remember "why we're involved in politics," one guest said. "It's to support a president who believes in all the things we believe in."

Those in attendance included WB TV president Peter Roth, Warner Bros. Home Entertainment Group president Kevin Tsujihara, Warner Bros. Domestic Television Distribution president Ken Werner, former Bahamas Ambassador Nicole Avant, Netflix Inc. chief content officer Ted Sarandos, DreamWorks Animation SKG Inc. chief marketing officer Anne Globe, ICM's Robert Broder, CAA's Kevin Huvane, Chelsea Handler, Michael Smith and HBO's James Costos.

After Meyer's introduction, the First Lady told the crowd that she enjoys coming to Los Angeles because it is "always a refreshing experience because the love and support and the sophistication around the issues and the passion always gives both me and Barack an important boost."

STORY: Michelle Obama Kicks Off L.A. Fundraising Tour at Gwen Stefani's House

"We’re doing this because we believe that everyone in this country should have a fair shot, and that means that all of our kids -- not just a select few, the lucky few -- all of our kids should have great schools to attend," Obama told the group. "They should be able to go to college without a mountain of debt.

"We believe that everyone in this country should do their fair share -- as Barry said, that means that teachers and firefighters should not pay higher tax rates than millionaires and billionaires. Not in America. And we all believe in hard work, but we believe that if you work hard, you shouldn’t go bankrupt because someone in your family gets sick. You shouldn’t lose your home because somebody is down on their luck and they’ve lost a job. And after a lifetime of hard work, you should be able to retire with some dignity and security in this country."

Despite speculation earlier this year that studio heads -- including Meyer -- would withhold their support for Obama after he nixed SOPA, it was clear Sunday that Hollywood's power brokers are on board -- especially now that Mitt Romney has moved further to the right by choosing Rep. Paul Ryan as his running mate, guests said.

STORY: Mitt Romney Chooses Paul Ryan as VP: Hollywood Reacts 

"People were saying: 'My God, can you imagine how extreme this guy is going to be?' Everyone was fired up," said one attendee. "No one is holding back."

Tickets for the reception started at $2,500. Those wanting a photo with the First Lady were asked to pay $5,000 per person.

Meyer co-hosted the event with his wife Wendy at their Spanish-style Los Angeles residence, located in a gated community near the J. Paul Getty Museum. 

ANALYSIS: Romney VP Pick Could Finally Galvanize Hollywood

Proceeds from the event will benefit the Obama Victory Fund, a joint fundraising committee of Obama for America, the Democratic National Committee and several state Democratic parties.

Earlier Sunday, the First Lady attended a "family fun day" at Gwen Stefani's house. About 400 people attended the event, where tickets for a family of four were selling for $2,500.

On Monday, the First Lady will attend a luncheon fundraiser in Ladera Heights before taping a segment for the Tonight Show With Jay Leno.