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Obama to Bankers-“My administration is the only thing between you and the pitchforks"

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Pirate Smile Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:33 PM
Original message
Obama to Bankers-“My administration is the only thing between you and the pitchforks"
Edited on Fri Apr-03-09 01:38 PM by Pirate Smile
Sorry about the source but it is interesting:

Inside Obama's bank CEOs meeting

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.”


-snip-
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.


http://www.politico.com/news/stories/0409/20871.html
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TTUBatfan2008 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:35 PM
Response to Original message
1. Good line...
That'll give them notice that they need to play by his rules or he'll feed them to the public, aka fire all their asses.
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LSparkle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:39 PM
Response to Reply #1
2. Wonder if THAT's why he gave Wagoner the boot ... as a signal
to the bankers that he's willing to do the same to them ...
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TTUBatfan2008 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:40 PM
Response to Reply #2
5. That was definitely part of it...
At least, that's part of the message I got from it when it first happened. And it's pretty clear with his statement to the bankers about pitchforks that they better do as he says or he'll throw them to the wolves.
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mopinko Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:13 PM
Response to Reply #2
25. ya know, the brit fired ceo's at the banks they bailed out.
not much news coverage of the fact that the brits also poured huge money into their banks. but they made a change in ceo a condition of taking the money.
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Barack_America Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:39 PM
Response to Original message
3. I suspect that opinion of this depends on whether or not one is currently holding a pitchfork.
I personally am not and this story (if true...it is Politico after all) pleases me.

Don't get me wrong, I'm pissed at Wall Street, but I'm skeptical that "revolution" is the answer.
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Sanity Claws Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:39 PM
Response to Original message
4. Great line
I want to see it in Bartlett's Quotations.
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AyanEva Donating Member (428 posts) Send PM | Profile | Ignore Fri Apr-03-09 01:40 PM
Response to Original message
6. lol
I'm reminded of The Godfather or something.
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my2sense Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:41 PM
Response to Original message
7. He saw right through the BS
as we all do. Looks like he's going to play hardball with these bastids.
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Schema Thing Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:46 PM
Response to Reply #7
8. I don't know man, I'm pretty good with the pivot
fake left, let Obama take the basketball, pivot right, stab banker.


easy peazy
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Schema Thing Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:47 PM
Response to Reply #8
9. oops, meant to reply to the OP
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Skwmom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:47 PM
Response to Original message
10. Sorry but I find the whole pitchfork analogy really troubling.
Edited on Fri Apr-03-09 01:49 PM by Skwmom
Portraying people who are outraged by the trillions given (without conditions) to the crooks on Wall Street as pitchfork carrying populists is ridiculous. This is corporate welfare at its finest and it IS NOT capitalism.

Nothing like referring to people as pitchfork carrying to make people think they don't want to be part of that crazy crowd.

Let Wall Street keeps its high-paying ways. Just don't raid the U.S. Treasury to pay for it. I'm beginning to think the whole compensation issue is nothing but a sideshow.

On edit: What in the hell do they have to be wary about? They've been given the keys to the U.S. Treasury. Plenty of people would take that deal.


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liberalsince1968 Donating Member (245 posts) Send PM | Profile | Ignore Fri Apr-03-09 01:51 PM
Response to Original message
11. Pitchforks? And why isn't the Obama admin. leading the villagers instead of shielding the looters??
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 02:18 PM
Response to Reply #11
15. Because we don't live in a country that encourages Mob Rule?
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liberalsince1968 Donating Member (245 posts) Send PM | Profile | Ignore Fri Apr-03-09 02:40 PM
Response to Reply #15
18. No, we live in a country where the president enables crooks - no matter who the pres. is.
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Teaser Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:00 PM
Response to Reply #18
21. So when do you start killing bankers?
.
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Skwmom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 04:03 PM
Response to Reply #15
32. But we live in a country where crooks rule.
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JCMach1 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:51 PM
Response to Original message
12. Max Keiser was much more correct with his analysis (from HuffPo)
Obama met with banking industry 'titans,' as the Washington Post calls them.

Instead of handcuffing them and bringing them up on charges of fraud and racketeering, however, Obama asked the bankers politely to try to restrain themselves from spending their ill-gotten gains so conspicuously (isn't that what the ring leader always tells the others after a heist in the movies)?

The president held himself up as an example, saying that he had not yet renovated the Oval Office and was still using George W. Bush's furniture, even noting the stains on the carpet. He urged the banks to show comparable "constraint and responsibility," adding that the nation had undergone a cultural shift.

So let me get this straight. Banking elite, and other government insiders, defrauded savings accounts, pension funds, charitable funds and municipal funds here and around the globe by trading in worthless financial instruments; they manipulated markets and destroyed legitimate businesses along the way; and THEN, when that wasn't enough, they plundered the public purse in the chaos and panic surrounding the crash that they themselves caused.

And the President asks them to kindly refrain from buying new carpet?

These people are not titans. These people are racketeers. And should be treated accordingly. Or at the very least, not be invited to sit in on privileged government meetings determining bailout policy that they then profit from!... http://www.huffingtonpost.com/max-keiser/let-them-have-...
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 02:24 PM
Response to Reply #12
16. Why do you think Keiser is more correct? Was he there? Who are his sources?
Did you bother to ask yourself these questions? and if not, why not?
Do you really think that this spin makes you look any more insightful than
the OP? and if so, why?

What I do know is that whatever was said, unless you come up with a transcript,
that article you are citing isn't worth shit.......and the fact that you would buy it,
means that you are being led by the nose in the direction in which you are walking in
anyways while you smell the shit thinking you are on to something.
Doesn't take a genius to dissern between certifiable fact and fiction,
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liberalsince1968 Donating Member (245 posts) Send PM | Profile | Ignore Fri Apr-03-09 02:43 PM
Response to Reply #16
19. The FACT is - Obama is CATERING to the rich bankers. NOT working people.
Do you ever bother to ask YOURSELF anything about why Obama is screwing over the middle class?

Doesn't matter what the scenario in the article is....Obama is doing NOTHING for the middle class. He's looking out for the banks. Period.
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Pirate Smile Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:11 PM
Response to Reply #19
24. The problem is that small businesses that provide the jobs to the middle class run their businesses
Edited on Fri Apr-03-09 03:13 PM by Pirate Smile
on credit which they need from the friggin banks. We need functioning banks regulated properly which is what Obama is trying to do.

He isn't f#$king trying to screw over the middle class.

'The president cited a letter he had read a few days earlier -- one that his office had selected from the mail that pours into the White House. The owner of a pontoon and fishing-boat manufacturing business in Missouri wrote that he had cut his payroll to 33 part-time employees, from 120 full-time. "During the past year, we have been turned down three times for loans necessary to secure operating capital," he wrote. "We are desperate."'



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HopeOverFear Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 04:06 PM
Response to Reply #24
33. Ain't that some bullshit?
I mean, disagreeing with his policies is one thing, but outright ACCUSING him of that???? Fuck you, for real.
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Lerkfish Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:14 PM
Response to Reply #19
26. I always love someone with "liberal" in their name
telling us to mistrust democratic leaders.

:)
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Raineyb Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:19 PM
Response to Reply #26
28. Why wouldn't they?
Liberal != Democrat

Regards
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HopeOverFear Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:58 PM
Response to Reply #19
31. Wrong. n/m
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JCMach1 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 02:55 PM
Response to Reply #16
20. and you are believing politico.com? Do you even know who THEY are?
What a world...
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Teaser Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:01 PM
Response to Reply #20
22. actually, given politico's anti-Obama bias, I do...
Edited on Fri Apr-03-09 03:02 PM by Teaser
if they write an article favorable to O, I believe it more likely to be true, as they are writing against bias, and must have really good sourcing to back it up.

on edit: Oh yes, you're right, Obama is Hitler McCancer. I forgot.
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JCMach1 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:47 PM
Response to Reply #22
30. Obviously one of the thin-skinned who cannot take criticism of Obama
When the President actually invites the CEOs over to the woodshed and takes away their allowance and toys, then we'll talk...

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KittyWampus Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 01:57 PM
Response to Original message
13. It'd be nice if Obama started ACTING that way. And the financial elite categorically WILL NOT CHANGE
unless Obama instructs his Administration to investigate the fraud and criminal behavior.

Simply attempting Re-Regulation will not work.
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cwcwmack Donating Member (369 posts) Send PM | Profile | Ignore Fri Apr-03-09 02:16 PM
Response to Original message
14. hahahaha
well said.
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Fleshdancer Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 02:35 PM
Response to Original message
17. “We’re competing for talent on an international market.”
When the tech industry competes for talent on an international market, they use this as an excuse to outsource and spend LESS money on employees. When the auto industry complains about needing to compete on an international market, they use this as an excuse to bust unions. Now I'm suppose to believe that it's the exact opposite for the banking industry? That the only way to compete for talent on an international market is to throw disgusting amounts of money at executives?

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crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:08 PM
Response to Original message
23. Damn skippy!
In fact I have several pitchforks out back and I'd love to plant one in a banker's ass. Someone should make a website.
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Hippo_Tron Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:17 PM
Response to Original message
27. This exemplifies Obama's bargaining style, it's good cop/bad cop and he's always the good cop
Edited on Fri Apr-03-09 03:19 PM by Hippo_Tron
I would bet a substantial amount of money that when he eventually sits down with Khatami to talk about Iran's nuclear weapons he will use the phrase, "I'm the only thing standing between you and Bibi Netanyahu". Of course we probably won't ever hear about that.
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Skwmom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 05:09 PM
Response to Reply #27
35. And exactly what did Obama achieve with his bargaining style?
Edited on Fri Apr-03-09 05:25 PM by Skwmom
I've seen the banks get a heck of a lot. So please explain, what exactly Obama achieved on behalf of the American People?


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Hippo_Tron Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-04-09 05:58 PM
Response to Reply #35
36. Not saying it's a good or bad thing...
I'm saying, that's Obama's bargaining style.
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hvn_nbr_2 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 03:45 PM
Response to Original message
29. Speak softly but let them see the crowd with pitchforks behind you. nt
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Skwmom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-03-09 04:31 PM
Response to Original message
34. Those bankers sure are getting the rough treatment.
I really don't know how much more "rough" treatment the American treasury can take.
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JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-04-09 06:50 PM
Response to Original message
37. ... now here's a trillion dollars. See how tough I am.
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Danger Mouse Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-04-09 07:47 PM
Response to Original message
38. Hmm...wonder where it'll go from there.
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