| Submit your comments on this article |
| Home Front: Politix |
| Leaked Details of O and Banker's Meeting: It Wasn't Pretty |
| 2009-04-03 |
| The bankers struggled to make themselves clear to the president of the United States. Arrayed around a long mahogany table in the White House state dining room last week, the CEOs of the most powerful financial institutions in the world offered several explanations for paying high salaries to their employees -- and, by extension, to themselves. "These are complicated companies," one CEO said. Offered another: "We're competing for talent on an international market." But President Barack Obama wasn't in a mood to hear them out. He stopped the conversation, and offered a blunt reminder of the public's reaction to such explanations. "Be careful how you make those statements, gentlemen. The public isn't buying that." "My administration," the president added, "is the only thing between you and the pitchforks." The fresh details of the meeting -- some never before revealed -- come from an account provided to POLITICO by one of the participants. A second source inside the meeting confirmed the details, and two other sources familiar with the meeting offered additional information. The accounts demonstrate that despite the public comments on both sides that the meeting was cordial, the tone in the room was in fact one of mutual wariness. The titans of finance -- men used to being the most powerful man in almost any room -- sized up a new president who made clear in ways big and small that he expected them to change their ways. There were signs from the outset that this was a business event, not a social gathering. At each place around the table sat a single glass of water. No ice. For those who finished their glass, no refills were offered. There was no group photograph taken of the CEOs with the president, which typically happens at ceremonial White House gatherings, but not at serious strategy sessions. "The only way they could have sent a more Spartan message is if they had served bread along with the water," says a person who attended the meeting. "The signal from Obama's body language and demeanor was, 'I'm the president, and you're not.'" According to the accounts of sources inside the room, President Obama told the CEOs exactly what he expects from them, and pushed back forcefully when they attempted to defend Wall Street's legendarily high paying ways. |
| Posted by:Sherry |
| #9 YES! Go for it, Jug Ears! Piss off lots more people in high places. The sooner the better. Let's seal your fate in your first hundred days. |
| Posted by: Darrell 2009-04-03 20:45 |
| #8 he misunderstands who the pitchforks and torches will be coming for...give him some time |
| Posted by: Frank G 2009-04-03 17:38 |
| #7 The Zero thinks he's a man on a horse. I think he's just the ass. |
| Posted by: SR-71 2009-04-03 17:02 |
| #6 "My administration," the president added, "is the only thing between you and the pitchforks." Obama, believe me, my pitchfork is not pointed at the bankers. It's point at every congressman who's been in office more than two terms. |
| Posted by: Bob 2009-04-03 16:50 |
| #5 'I'm the president, and you're not.' As in |
| Posted by: Procopius2k 2009-04-03 16:32 |
| #4 Steve, you also need to go find some pols that stay bought. |
| Posted by: BrerRabbit 2009-04-03 16:15 |
| #3 If I were a banker and I had been at that meeting, and my bank currently had its head above water (many still do despite the bad news), I'd turn him down flat. I'd say no to TARP money. If I had taken any TARP money, I'd pay it back, today. I'd tell him in no uncertain terms that my bank will NOT participate in any scheme to buy assets, toxic or not. And that my bank will NOT participate in any new government plans for bailouts. Then I'd walk out. Then I'd find a TV news crew and vent. Then I'd fly back to New York or wherever my bank HQ was, call my principal directors in, and say, "folks, we need to get to work, because if we ever get into trouble the Feds won't help us. So let's make sure we never get into trouble." My bank wouldn't need the president. And he'd regret threatening me. |
| Posted by: Steve White 2009-04-03 16:07 |
| #2 “The only way they could have sent a more Spartan message is if they had served bread along with the water,” says a person who attended the meeting. “The signal from Obama’s body language and demeanor was, ‘I’m the president, and you’re not.’” Typical Obama. He is the messiah, you're not. Asshat. Soon, the only thing between him and pitchforks will be American's respect of law. And that won't hold out long when Congress and Obama are pissing on the laws daily. |
| Posted by: DarthVader 2009-04-03 15:31 |
| #1 These problems were NOT caused by executive salaries and attacking those salaries won't make things any better. This is just an attempt to mollify people by appealing to emotions rather than actually doing something that will make a difference. A few hundred thousand or even million is nothing when you are talking trillions in bailouts. What caused this problem were basically three laws enacted in Clinton's second term. |
| Posted by: crosspatch 2009-04-03 15:21 |