Wall Street Blows Off Obama Meeting, Showing Mr. President Who's Boss

The Business Insider ^ | Dec. 15, 2009 | Andrew Ross Sorkin

[IrishMike]

President Obama didn’t exactly look thrilled as he stared at the Polycom speakerphone in front of him. “Well, I appreciate you guys calling in,” he began the meeting at the White House with Wall Street’s top brass on Monday.

He was, of course, referring to the three conspicuously absent attendees who were being piped in by telephone: Lloyd C. Blankfein, the chief executive of Goldman Sachs; John J. Mack, chairman of Morgan Stanley; and Richard D. Parsons, chairman of Citigroup.

Their excuse? “Inclement weather,” according to the White House...

That awkward moment on speakerphone in the White House, for better or worse, spoke volumes about how the balance of power between Wall Street and Washington has shifted again, back in Wall Street’s favor.

[randita]

After being drawn and qartered, tarred and feathered and even personally threatened by the DC elite, DBM and enraged customers, I would hope that the Wall Street bankers have learned their lesson. Stop the risky lending and the risky investments. There’s plenty of money to be made with sound lending and investing practices. No need to play Russian Roulette or the lottery to prosper.

I also hope they chafed under the burden of Big Brother breathing down their necks and will take steps to never be beholden again to government largesse and have to jump through the hoops pursuant to it.

We absolutely must have a solvent and trustworthy banking system in order to have economic health. It’s not optional.

[TLI]

here is one...

http://wvgazette.com/News/politico/200907300680

[Overtaxed Patriot]

Who's the boss?



Wait! That IS Tony Danza isn't it? Its so confusing nowadays.

[PORD]

My concern: Nutjobs do nutty and dangerous things!

Our governmental leaders are maniacal despots and since facts have not mattered in climate, healthcare, energy, etc. issues, I expect they will deliberately and overtly in the name of “the little people” have a detrimental and maybe devastating form of retribution.

Am I getting cynical or what???

[silverleaf]

All the banks paid back the TARP- except Wells Fargo and I think they announced yesterday they intend to do so with a large stock or bond issue

So now it's time for Barry to criticize the fat cats for making enough profits to pay back the Govt loans in one year and keep the rest for themselves and their shareholders? So real deserving guys like Rahm Emmanuel can continue to be paid $14 million for rainmaking for a year or 2?

With a minimum 10% unemployment and huge unfunded entitlement and socialist programs rolling into the WH for signature every 3 months and a new $1.1 TRILLION slush fund given to Barry on Saturday night- - the bamster has the audacity to whine the banks “aren't lending”?

With no more TARP loans outstanding, Barry and Timmy lose their leverage over banking decisonmaking- until they figure out another way - and the unions and ACORN and the black congressional shakedown caucus are depending on Barry to keep the spigot of bank cash open. Chicago thug politics vs Wall Street. My money would be on Goldman Sachs.

The only thing that will save our economic system in the near term is when private citizens refuse to be bought - by anyone- even the White House and his backer, whoever that is

[JohnBrowdie]

how the mighty have fallen. after the inauguration, he was formidable enough to chase the auto industry into the clutches of the UAW. now he can’t make people come to his office.

[silverleaf]

Ken Lewis what a putz

Stabbed screwed flayed and fired at the end of this year- and still kissing bambi’s ring - with OUR money

[jersey117]

Do you think these “fat cats” are ready to stand up to zero now that they’ve paid back the TARP?

[maggief]

"Hey, fat cats, remember who's the boss."

[silverleaf]

I think the “teleconference” showed that! LOL!
Citigroup cancelled their CEO coming to Barry's meeting hours after announcing they were repaying TARP and gave that as a reason. I find the timing...interesting..

And do you really think fog kept the head of GS out of Foggy Bottom?

Next, even the phones could develop problems

“Sorry Mr President, you're coming in broken!”

[nina0113]

Thanks. This time I did bookmark it.

[Reagan69]

Producer Prices SOARED “unexpectedly”... of course the story will be buried.

Can you say, “hello INFLATION”?

[behzinlea]

after the inauguration

Coronation.

And what an idiot king he is. He bashes, badmouths, and has his royal henchman run roughshod over these guys, and then he pouts because they won't return his calls.

[FromLori]

Here is why they think it is all a joke

http://www.opensecrets.org/orgs/list.php?order=A

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

http://www.nlpc.org/stories/2009/12/07/goldman-sachs-challenged-embrace-global-warming-wake-%E2%80%98climategate%E2%80%99

http://www.businessinsider.com/goldman-sachs-changes-its-status-to-financial-holding-company-2009-8

barack-obama-expands-goldman-sachs-power.html

http://www.ritholtz.com/blog/2009/03/backdoor-bailouts-for-goldman-sachs/

http://www.propublica.org/ion/stimulus/item/stimulus-transparency-watchdogs-keep-contract-details-a-secret-813

http://www.noquarterusa.net/blog/2009/07/02/will-cap-and-trade-be-the-next-bubble/

http://www.salon.com/opinion/greenwald/2009/04/04/summers/

http://www.economicpolicyjournal.com/2009/07/president-obamas-favorite-banker.html

http://www.nytimes.com/2009/07/19/business/19dimon.html

http://www.americanthinker.com/2009/07/will_dems_allow_goldman_to_man.html

[FromLori]

lol hook line and sinker that meeting was a joke he does’t work for us he works for them

http://www.opensecrets.org/orgs/list.php?order=A

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

http://www.nlpc.org/stories/2009/12/07/goldman-sachs-challenged-embrace-global-warming-wake-%E2%80%98climategate%E2%80%99

http://www.businessinsider.com/goldman-sachs-changes-its-status-to-financial-holding-company-2009-8

barack-obama-expands-goldman-sachs-power.html

http://www.ritholtz.com/blog/2009/03/backdoor-bailouts-for-goldman-sachs/

http://www.propublica.org/ion/stimulus/item/stimulus-transparency-watchdogs-keep-contract-details-a-secret-813

http://www.noquarterusa.net/blog/2009/07/02/will-cap-and-trade-be-the-next-bubble/

http://www.salon.com/opinion/greenwald/2009/04/04/summers/

http://www.economicpolicyjournal.com/2009/07/president-obamas-favorite-banker.html

http://www.nytimes.com/2009/07/19/business/19dimon.html

http://www.americanthinker.com/2009/07/will_dems_allow_goldman_to_man.html

[Nervous Tick]

>> I would pay big dollars for the BOA CEO to stand up, grab his crotch (on camera of course) and say “Mr. President, lend this.”

That WOULD be a sight to see!

Unfortunately, Lewis doesn’t possess the “crotch tools” to properly pull it off. If you know what I mean (and I think you do).

So it’ll have to wait until someone with cajones occupies the BOA corner office.

[Steve Van Doorn]

I think you need to wake up from that dream you are having. Government IS easy money and they know it. Obama created a bump in the road.

[IrishMike]

Producer Prices SOARED “unexpectedly”... of course the story will be buried.
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Heard that on the radio earlier this morning,
and they were talking about England !

[Scotsman will be Free]

Good point.

[thethirddegree]

I read Sinclair’s book. And, according to the book, yes he did.Quite a lot of info in the book.