Obama Meets With "Fat Cat Bankers"

American Express Chief Executive Officer Ken Chenault; Wells Fargo President and Chief Executive Officer John Stumpf; Bank of New York Mellon Chairman and Chief Executive Officer Bob Kelly; Council of Economic Advisers Chair Christina Romer; JPMorgan Chase Chairman and Chief Executive Officer Jamie Dimon; PNC Chairman and Chief Executive Officer Jim Rohr; Treasury Secretary Timothy Geithner; and President Obama (Photograph by Susan Walsh/AP)

After saying on 60 Minutes last night, "I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," President Obama met with many of those fat cats at the White House today. Obama wants bankers to support his administration's financial industry reforms.

Of course, much ado was made about how three executives—Lloyd Bankfein of Goldman Sachs, John Mack of Morgan Stanley and Richard Parsons of Citigroup—did not make it to the meeting, joining in on video conference instead. Parsons made some excuse about "inclement weather" but things seemed fine—at least according to populist mode of transportation Amtrak. Dealbreaker guesses all three were on the same cycle.

Here's more of Obama's tough words on Wall Street:

Watch CBS News Videos Online

He said of some companies' motivation to repay TARP bailout money so they could go back to paying employees big salaries (hello, Citigroup):

"I think in some cases that was a motivation...Which I think tells me that the people on Wall Street still don't get it. They don't get it. They're still puzzled, why is it that people are mad at the banks? Well, let's see. You guys are drawing down $10, $20 million bonuses after America went through the worst economic year that it's gone through in decades, and you guys caused the problem. And we've got ten percent unemployment. Why do you think people might be a little frustrated?"

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By Jen Chung in News on December 14, 2009 4:38 PM

Comments [rss]

Snoopy

Did Dinkens ever run for re-election or was he too embarrassed to do so?

NannyState

Mock outrage is the last refuge of scoundrels...or was it patriotism? Either way, I'm voting for the other guy next time.

ides_of_march

"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street"

Then why the fuck do you keep giving them money with no strings attached? Let them go bankrupt and bail-out the small depositors if you really feel this way you shameless hypocrite. You voted for TARP as a senator so don't blame it all on Bush either.

I'm tired of this marxist class warfare crap this guy keeps peddling.

bobchadwick

And why did you stock your administration full of former, and likely future, fat cat bankers?

Snoopy

I guess because he is basically a dumb shit and didn't know better. Perhaps he should take up golf.

Snoopy

Obama is in way over his head. When three rapists don't show for a conference with the president, it's obvious they don't give as shit what he has to say.

This would never have happened if Hitler was in power.

Don't get me wrong I like the guy, just like I like that ex golf player, but both don't quite fit into the ongoing picture that their hopes and dreams are filled with.

hotstepper

hitler references are also a real bore.

Snoopy

It's called going to a meeting when the commander in chief asks you to show, and if you don't show up. RE the mafia also. So if this semi-white president can't get respect from these thugs, I guess his street cred goes to shit.

ides_of_march

Anybody who isn't a flaming left winger will eventually be called Hitler.

valeriob

Interesting article in The New Yorker

hotstepper

if the banks have paid off the TARP $$ they should pay executives whatever they fucking want. quit bitchin' already. stoking populist sentiment is such a bore.

buttface

They were bailed out with tax-payer money at almost zero interest when they deserved to lose the shirt off their back.

So now they've been saved, thanks to the tax payers, but hardly any money was made back for our defecit in the process.

Personally I would have rather seen every one of these institutions collapse, but if you're going to make deals with the devil, at least earn some sort of fucking return. Good job, Fed.

Oxford

Actually the government has made a large profit on its investments in all of the major Wall St banks, and announced today they expect to make $11-13 Billion on the $45 bn they invested in Citi. That is not a bad return at all to taxpayers. The notion that the "bailout" money was "given" to banks for free is a ridiculous myth.

http://www.reuters.com/articleidUSTRE5BD2FI20091214?type=politicsNews