“The same f*ckers that rounded us up and sank us into this mess are telling me they'll bail me out? F*ck you.”
-Verbal Kint
As we’ve learned, President Obama is going to sit down and have lunch with the heads of Wall Street titans Goldman Sachs (GS), JP Morgan (JPM), and Citi (C), following recent meetings with American Express (AXP) and Microsoft (MSFT). Wow, sounds just like Carrie, Samantha, Charlotte, and that lady with the red hair.
Mr. President, may I suggest Domino’s?
I can’t see this meeting going very well. Treasury Secretary Tim Geithner wants to control every financial institution in the country, and Obama wants to cut bonuses.
Obama adviser Larry Summers said that “This is about our duty to do everything we can to support a robust and sustained economic expansion and the reality that the country’s major financial institutions have a major role to play.” Well duh.
And Valerie Jarrett said “It would be very unnatural if we didn’t engage them and have a direct opportunity to pick their brains and look to the future.”
The only problem is, Wall Street’s best and brightest are what got us into this mess. They overleveraged their balance sheets and constantly pushed the envelope in terms of risk management, all because a few spreadsheets said it was a good idea.
What’s left of Wall Street will have it pretty good. Let’s not give them a seat at the table.
P.S. – I hate to ask for favors from readers, but please visit and bookmark GeithnerWatch today!
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