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Obama to Bankers: I'm Standing 'Between You and the Pitchforks'

April 03, 2009 6:17 PM

JaffeABC News’ Matthew Jaffe reports: When President Obama welcomed the chief executives from 13 of the nation's biggest banks to the White House last Friday, White House Press Secretary Robert Gibbs billed it as a “good, productive, and frank” conversation.

Emphasis, it appears, on the frank.

As first reported by Politico's Eamon Javers, and confirmed by ABC News with industry sources, some bankers gave explanations for the industry's high salaries, such as "competing for talent on an international market." 

But, President Obama cut them off.

"My administration is the only thing between you and the pitchforks," the president told them.

The CEOs might have guessed they were in for a rough go of it.  They found themselves gathered at a table with nothing more than a single glass of water at each seat. No food, no other beverages, no ice -- no refills, even.

During the meeting, JP Morgan Chase CEO Jamie Dimon jokingly presented Treasury Secretary Tim Geithner with a fake check for $25 billion, the amount of money the bank got from the Troubled Asset Relief Program. Geithner didn't take it.

Joked Bank of America CEO Ken Lewis later, "I'm not going to suck up to Geithner and [NEC Director Larry] Summers like the other CEOs here have."

After the meeting last Friday, one bank CEO told ABC News, "There were differences of opinion. I wouldn't say it was contentious, but we weren't all sitting around the table singing 'Kumbaya' either."

April 3, 2009 | Permalink | Share | User Comments (95)

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The Bamster will be facing a pitchfork of his own come (re)election time.

Posted by: Kitty | Apr 3, 2009 6:44:50 PM

Kitty....You Think?
A Leader indeed. Thanks, Mr. President for standing for the American people. Bamster? What do you mean? Oh, that is what someone told you that you were.

Posted by: sngeorgia | Apr 3, 2009 6:53:23 PM

Good for Obama - now if he would release the torture memos and let the world see the evil, corruption and international law breaking that took place under the last Republican administration we could really get the pitch forks out!

Posted by: Kate1149 | Apr 3, 2009 6:53:43 PM

Get those pitchforks out. Obama is part of the problem.

Posted by: CW | Apr 3, 2009 6:59:52 PM

I see a lot of the arrogant people I have run into over the last 65 years in this administration. My way or the highway is how they put it to people who did not agree with them. Really coming on strong out of Washington.

Posted by: William | Apr 3, 2009 7:04:25 PM

Obama is such a hero.

Posted by: Ryan C | Apr 3, 2009 7:06:27 PM

Odd how the president talks a big talk when in his comfort zone. You know, in DC, New York, or LA. There, behind closed doors, he rants the anti-capitalism puke, once again threatening private enterprise and the way of life that has, for the most part, made our great country what it is.

Or perhaps his new comfort zone in Europe, where he spins his socialist spill, steadily trashing America, talks of the leadership role of Europe in the world, as if it were the French that ran the Nazi invasion out of France. You know, the same Europe that gave the world the Nazi's, socialism, Communism, etc. And he speaks of change and a new AmeriKa.

Then he will most likely come back to the new AmeriKa, and have a town hall meeting in LA, NY or DC. But to flip his own words on him, don't come to the heart land. For there, the only thing between the pitch forks and himself are, well, nothing!

Posted by: TxBoB | Apr 3, 2009 7:12:22 PM

Oddly enough, I sort of see Obama as being one with the bankers instead of the people.

Posted by: jan | Apr 3, 2009 7:12:33 PM

Yes, sngeorgia, I think. The rest of your post ... just gibberish.

Posted by: Kitty | Apr 3, 2009 7:14:27 PM

Meaningless words from Obama. He must be getting ready to give the banks more money. Freddie and Fannie are getting $210 millions in bonuses. Where is Obama's "outrage"? Where are the 3 million jobs Obama promises?

Posted by: CW | Apr 3, 2009 7:14:47 PM

Assuming the reporting is correct, what the Pres. said is true. The American people are totally fed up with the corporate greed, arrogance, and stupidity that caused this mess. The neo-hooverians should be happy they have Pres. Obama in office and not Teddy Roosevelt. That's right. We had this debate 100 years ago and the forces of greed lost then too.

Posted by: B. Bear | Apr 3, 2009 7:16:29 PM

The history of Obama shows he hangs out with crooks.

Posted by: jade | Apr 3, 2009 7:25:04 PM

B.Bear....people like yourself are going to be absolutely stunned when you see what your Messiah has done to the AmeriKan piggy bank once the full force of the spending package, TARP, the trillion the reasury floated to the federal reserve only a week or so ago, the massive $3.7 trillion budget, which is the most irresponsible piece of legislation ever passed in this country.

You think corporate greed has this country in a fix? You just wait until we are running those $1 trillion per year deficits, wait until 2019 when the interest alone on our deficit is $806 billion (more than last years deficit).

Just think, you'll get to explain how our generation bankrupted our country to your grandchildrean and great-grandchildren. Maybe you should get a new calculator or something.

Posted by: TxBoB | Apr 3, 2009 7:35:38 PM

If the President were truly on Main Street's side, he would have said that I am also carrying a pitchfork so stop the bonuses, jets, and junkets until your off of corporate welfare."

Is there any DC politician that can put these guys in their place? Well, they could but they won't!

Posted by: Angela | Apr 3, 2009 7:37:00 PM

ABC ran the story of Fannie and Freddie $210M in bonuses for about 1 hour.
Yet, the story about Michelle's outfits is still a headline. First thing first.
Right?

Posted by: CW | Apr 3, 2009 7:40:46 PM

Wow. For the FIRST time in years the President stands up to some of the businesses that have run things into the ground and takes them to task and the conservatives who were all for the de-regulation that allowed the finance companies to screw themselves so completely that they had to be bailed out want to cry hwo unfairly they have been treated. THe main problem with the economy at the moment is that credit is not flowing. The banks control the credit. These CEO's are holding my country hostage for their own profit and amusement. You want your pure capitalism, take back the bailouts and let them sink or swim.

Posted by: Louis | Apr 3, 2009 7:44:55 PM

I love to suck Obama's C0CK

Posted by: Louis | Apr 3, 2009 7:45:47 PM

I said this before and I will sy it again, get a sailboat and sail off into the sunset, cause that is what it is comming down to.

Posted by: pink stocks are a scam | Apr 3, 2009 7:46:00 PM

l0uis you are cum drunk

Posted by: pink stocks are a scam | Apr 3, 2009 7:53:37 PM

obama isn't between the bankers and the pitchforks.
..
he's with the pitchforks

Posted by: realityville | Apr 3, 2009 7:54:40 PM

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