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| More Inside Baseball on The One and the Banker's Meeting |
| 2009-04-04 |
| 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 Streets legendarily high paying ways. From the White House, there were five principal attendees: Chief of Staff Rahm Emanuel, who arrived a few minutes late, Treasury Secretary Timothy Geithner, Council of Economic Advisers chair Christina Romer, Senior Adviser Valerie Jarrett and Director of the National Economic Council Larry Summers. Uncharacteristically, Summers said almost nothing, and it appeared to one participant as if he had been told to remain silent. To break the ice, JPMorgan Chase CEO Jamie Dimon offered Geithner a fake check for $25 billion, the amount of TARP money that the company has accepted. Although many of those in the room laughed, Geithner didnt keep the check. The President entered the room a few minutes later, and made a lap of the table shaking hands and saying hello to the CEOs, several of whom he called by name. Taking his seat at the table, the president said, "So lets get to it." He spoke for several minutes without notes, giving an overview of the economic situation as he saw it. But the first comment that made an impression on several attendees was on Wall Street salaries and bonuses. The president spoke of public outrage over the high flying executive lifestyle. "The anger gentlemen, is real," Obama said. Take note, boys and girls, he's said this before, "The anger is real." He urged pay reform and said rewards must be proportional and balanced, and tied to the health and success of the company. The president described the financial system as still "fragile," and asked for cooperation from the CEOs. But he also told them he wouldnt shy away from regulatory reform. Obama wrapped up his remarks and threw the conversation open to the table, saying "So, whod like to talk?" JPMorgans Dimon spoke first. He began by complimenting the president on the economic team hed assembled. And he said his industry needs to explain more directly to the American people that the economic recovery plans are already working. Dimon also insisted that hed like to give the governments TARP money back as soon as practical, and asked the president to "streamline" that process. But Obama didnt like that idea -- arguing that the system still needs government capital. The president offered an analogy: "this is like a patient whos on antibiotics," he said. "Maybe the patient starts feeling better after a couple of days, but you dont stop taking the medicine until youve finished the bottle." Returning the money too early, the president argued could send a bad signal. Several CEOs disagreed, arguing instead that returning TARP money was their patriotic duty, that they didnt need it anymore, and that publicity surrounding the return would send a positive signal of confidence to the markets. Bank of America CEO Ken Lewis cracked a joke at the expense of his peers whod lavished praise on the administration: "Mr. President," he said, "Im not going to suck up to Geithner and Summers like the other CEOs here have." Lewis also urged the president not to paint all the banks with the same broad brush. The president argued thats not what the White House was doing. Indeed, earlier the same week, Obama said at a nationally televised news conference, "The rest of us cant afford to demonize every investor or entrepreneur who seeks to make a profit," As the meeting wound down after nearly an hour and a half, the CEOs hustled out to live television positions on the White House grounds, where many gave interviews to CNBC. It had been a landmark day in the history of American capitalism. Unbeknownst to the financial executives, General Motors CEO Rick Wagoner was also on Pennsylvania Avenue that day, meeting with Obamas auto bailout task force. Although the finance CEOs got a meeting with the president, Wagoner saw only Obamas senior advisor Steven Rattner at the Treasury Department. During the meeting, Rattner demanded Wagoners resignation. It had been a tough day for CEOs in the nations capital. Now, to that "The Anger is Real." From his Race speech, on a level with Linclon according to the press, delivered on March 18, 2008, source provided by MSNBC Standing before a row of eight American flags near the building where the Declaration of Independence was adopted, Obama urged the nation to break "a racial stalemate we've been stuck in for years.'" I'm beginning to think, since he never has known a job, he spends his day, when he is in the Oval Office, writing and writing and writing, to get just the words that school children throughout the ages will have to memorize --- He made lots and lots of money with his books..... he's an author, playing at being President.... thus, TOTUS -- his words are his, and his are the best. We're in a heap of trouble. |
| Posted by:Sherry |
| #11 Does Obama have any clue that the anger is toward the A$$hats who borrowed a few trillion dollars on America's credit card and flushed it down the toilet. Obama likes spending other peoples money so much he won't even take it back when they do not want it! |
| Posted by: airandee 2009-04-04 21:42 |
| #10 Oddly enough, many of the local Tea Party volunteers are retired or former military. Odd? Not odd at all. They are freedom's guardians. Always have been. The same folks who at least THOUGHT we had defeated the global communist threat. |
| Posted by: Besoeker 2009-04-04 13:53 |
| #9 Quadrupled, and then quadrupled again, once Glenn Beck decided he wanted to party here; at this point, the schedule starts with his show at 4, then there will be the rally, and speakers, and all. The rest of the committee and I are battening down for next week, when the interest will really kick into high gear. Oddly enough, many of the local Tea Party volunteers are retired or former military. |
| Posted by: Sgt. Mom 2009-04-04 13:50 |
| #8 Sgt. Mom -- I had WOAI on the other day -- Glenn Beck was being interviewed by a local talk show guy, (Pags) and is coming to San Antonio -- doing his TV show then, to the Alamo! That prolly just tripled that number. |
| Posted by: Sherry 2009-04-04 13:20 |
| #7 A man who has never held a real job lecturing businessmen. How unique! |
| Posted by: Besoeker 2009-04-04 12:13 |
| #6 Remember what happened to Robespierre. |
| Posted by: Omoter Speaking for Boskone7794 2009-04-04 11:06 |
| #5 I am the president - Obama 'L'Etat, c'est moi' - Louis XIV That's the problem with Marxist 'scientific' history. It ignores the real record for its agenda. A later Louis would face his own massive financial crisis. My administration is the only thing between you and the pitchforks. Yep, I'm sure Louis XVI said something on those lines to the First Estate and fellow ruling class. When the anger was finally manifested, all those in the ruling institutions and the institutions themselves were swept from the landscape. Maybe Obama needs to give his former peer Senator Dodd a call about whom may or may not be the target of the anger. Once the storm is released, no one is safe. |
| Posted by: Procopius2k 2009-04-04 10:01 |
| #4 We're kicking around interesting ideas for signs for the San Antonio Tea Party. Which will be held in Alamo Plaza, on the 15th, and will have everyone and his brother crammed into the plaza and overflowing into the streets around. Every time we get an estimation of attendance, it doubles, and then doubles the next time. This is all going to be very interesting... |
| Posted by: Sgt. Mom 2009-04-04 09:23 |
| #3 Anyone other than me considering making a cardboard pitchfork for the Tax Day Tea Party? |
| Posted by: Parabellum 2009-04-04 09:00 |
| #2 “My administration is the only thing between you and the pitchforks.” Um, no. I like this. via Redstate.com So, I guess this leads to the next question, Mr. President. You say that there are pitchforks out there, and maybe there are. But are you really standing between them and the bankers? Or are you trying to get the bankers to stand between them and you? Moe Lane |
| Posted by: Threreng Borgia9434 2009-04-04 07:56 |
| #1 “My administration is the only thing between you and the pitchforks.” Oi vey. |
| Posted by: g(r)omgoru 2009-04-04 05:54 |