Out of Control Policy Blog

The PR Stunt That Was Obama and the CEOs

Charlie Gasparino, recent author of The Sellout, writes in the NY Post last week:

The president's meeting yesterday with the CEOs of the largest banks was nearly a lovefest, I'm told by attendees. Yes, White House spinmeisters advertised the gathering as a chance for Obama to channel the public's disgust over Wall Street's celebrating while Main Street still suffers 10 percent unemployment, thanks largely to Wall Street's bungling. But that's not what he did. [...]

So there were no surprises for the likes of Jaime Dimon of JP Morgan, Lloyd Blankfein of Goldman Sachs, John Mack of Morgan Stanley or Citigroup's Richard Parsons. Said one CEO who attended: "I expected to be taken to the woodshed, but the tone was quite the opposite."

Said another senior exec with knowledge of the meeting: "The whole thing was so telegraphed that not much was accomplished, other than giving Obama a PR stunt . . . He might have sounded mean on '60 Minutes,' but during the meeting he was a hell of a lot nicer."

Read more here.

Anthony Randazzo is Director of Economic Research


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