Obama Meeting With Top Bankers On Monday, Is Geithner "Transition" In The Works?
Geithner is in the blender, and Obama may be set to hit the liquefy (while pulsating) button. As the public is screaming for metaphoric blood, Obama may have finally decided to bring his lobbying efforts direct to Wall Street (instead of its coming to him via Timmy and Larry whispering sweet nothings). Which is why the President is meeting with top bankers once again this coming Monday. Of course, the pretext is innocuous, but many see this as Jamie Dimon's coronation moment, and the first step in his official transition into the public arena.
President Barack Obama plans to meet Monday with a group of top bankers to talk about the economy, lending and financial regulation as tension between the White House and Wall Street continues to reverberate.
The meeting will be at least the third this year between Obama and banking executives. He met with chief executives from the country's largest banks earlier in the year and credit-card executives several months ago. The previous meetings have been mostly cordial but haven't ended with concrete agreements.
With bonus season in play, and Main Street just dying to see the Goldman proxy, as well as find out which trader made how many hundreds of millions, one can bet this meeting will be anything but cordial. Thus it is likely that Wall Street will sacrifice Jamie to the altar of public service, concurrently with Mr. Geithner becoming the latest public-to-private casualty. And while Goldman seems a little too blatant (and as we all know Mary Geithner has a soft spot for the GC role there), and PIMCO staffing needs full compliments of recent mountain men who have decided to rejoin civilization, one wonders whether the suspiciously quiet governmental risk manager, BlackRock, may not end up being TurboTaxTim's final $10 million+/year resting place.
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on Tue, 12/08/2009 - 17:52
#157135
Auf Wiedersehen Herr Geithner.
on Tue, 12/08/2009 - 18:07
#157155
Tschus!
on Tue, 12/08/2009 - 18:32
#157194
its Tschüss!
on Tue, 12/08/2009 - 18:45
#157213
Problem: Wall Street pushed regulations thru congress that caused the banking system to implode...requiring $23.9T in bailouts.
Solution: Go to Wall Street and ask, "What next?".
on Tue, 12/08/2009 - 18:54
#157237
Grüß Gott
on Tue, 12/08/2009 - 19:06
#157264
Ah! I want an umlaut, too!
That's not fair, you guys.
on Tue, 12/08/2009 - 19:52
#157340
Quatsch! Geithner (and Bernanke) outrank Obama.
on Tue, 12/08/2009 - 17:58
#157143
Dimon? Another Wall Street to DC shuffle? Is Obama that tone deaf?
on Tue, 12/08/2009 - 18:10
#157161
yes.
on Tue, 12/08/2009 - 18:57
#157244
GS has gotten most the inside info, JPM feels a little left out
on Tue, 12/08/2009 - 20:46
#157403
If this rumor turns out to be true and the American people put up with this egregious marriage between Obama and the TBTF's, we will deserve what we will get. I'd say it would be time to start refreshing some Senators' about the rules of impeachment, but if Obama is that far in bed with his masters it won't matter anymore, we're all toast.
on Tue, 12/08/2009 - 18:01
#157146
Yeah I have a hunch Dimon might get swapped in , based on the fact I have seen at least one or two trial balloons floated in the MSM about him for Treas Sec. Swapping one criminal for another, really.
on Tue, 12/08/2009 - 18:11
#157163
Yep, saw the same puff pieces floating around. Hopefully he gets held up and kicked to the curb at confirmation hearings, this is absolutely ridiculous. C'mon Obama, wipe out the middle class but at least let them keep a shred of dignity.
on Tue, 12/08/2009 - 18:40
#157202
Why should he? The middle class is bent over taking it without real complaint, why not ram it home with no lube? We are so deep into the Twilight Zone I need to set my morning wake up alarm to the friggin theme to get myself mentally prepared each morning. Jefferson must be spinning in his grave.
on Tue, 12/08/2009 - 18:47
#157220
SO true. In this era of food stamp credit cards, and limitless blogging, people are literally invisible.
No change will occur, until the masses take to the streets. Until then, they will keep fucking us. Why wouldnt they??
on Tue, 12/08/2009 - 18:58
#157245
hahah that's hillarious twilight zone alarm clock ahahahaha
on Tue, 12/08/2009 - 19:59
#157350
What are you talking about. GOLD etf sells off 66 million shares for 78 billion. Crimex pays up by settling in cash and the price of gold goes down 80 bucks. All seems very normal and reasonable to me. But then again I refused to buy into the whole DVD craze and still watch my movies on those fisher price disks so these modern special effects might fool me.
on Tue, 12/08/2009 - 18:42
#157210
PM - One far more adept at operating a continuing criminal enterprise. Banks do perform a necessary function within society, but JPM/Chase hardly qualifies as a bank. It is more like a black hole and Jamie is at the vortex of that process. At least by the mid terms those with romantic hopes for Jamie playing the role of white knight will know beyond all doubt exactly what is what. And we as a nation will be another few trillion more in the hole via various QE2 measures and further transfers from the private to the public sector.
on Tue, 12/08/2009 - 19:08
#157267
Absolutely -- don't even get me started on JPM , haha. They are so deeply involved in laundering drug and weapons money it's unbelievable. Their balance sheet is a giant trash can. $92 trillion in notional derivatives according to one of the BIS reports!
on Tue, 12/08/2009 - 19:26
#157291
I am sure this is one of the reasons Stanford got squashed. Besides, without the trillions of "on the left" liquidity the past two years would have been much different. BCCI most definitely served its purpose, at least from the perspective of JPM, GS, Barclays, SocGen and to a lesser extent the Austrians and Swedes. The great circle route is functioning better than ever, except for perhaps the Ukrainians, Bulgarians and Greeks. I just wonder who is going to explain to all those bag men what happened to CRE and how that is going to effect their cost of conversion?
on Wed, 12/09/2009 - 01:15
#157600
Good point. How'd they ever amass such a nest of derivatives? I'd think if someone twitched the wrong way, they'd have to face sudden margin calls.
on Tue, 12/08/2009 - 18:46
#157218
No way. Timmy has many live hand grenades left to catch. The boyz will feed him back into the system when it's quittin' time for Phase I and Phase II has been figured out for a " GO ".
Obama's "befuddled" by the lack of lending and bonuses. Neither Timmy or Jamie can solve that. Taxpayer cash went out the Treasury door with few caveats. Looting of the Treasury was perfectly timed between administrations....OBush and the other Critters were led in panic to believe this was a short term liquidity crisis.
Team Obama is stuck in quicksand with Ben and Timmy. When the scheme blows up they become the body armor for their elected masters.
on Tue, 12/08/2009 - 18:03
#157152
"don't push your luck and by next month, you'll have a new carbon layer to add to your pyramid," said the don to the capos.
on Tue, 12/08/2009 - 18:03
#157153
The former President of the NY Fed is being replaced by the most powerful Class A board member of the NY Fed.
Despite Steve Perry's plea, I've stopped believin' and am no longer holdin' on to that feelin'.
on Tue, 12/08/2009 - 18:09
#157159
Jamie Dimon? Another free market failure, recipient of 25 bil in visible bailout dollars and who knows how many more were funneled through the back door? The shit just doesn't stop.
This is how Obama is sending a message to Wall Street? By putting them in charge again?
on Tue, 12/08/2009 - 18:13
#157164
Actually the message is to us, and it's two words: the second word is "you." Message received, Barry.
on Tue, 12/08/2009 - 18:15
#157162
All per the script. Administration sings the first part, telling the tale of its "unhappiness" with Geithner, Wall Street bank's "anointed one," who has somehow failed the President after He had placed his Faith in him. Wall Street chorus then sings of its wish to do the right thing and make the President happy, and thanks him for having done his best to do right by their selected representative, despite his many failings; the chorus ends with rising, plaintive cries for the One Who Will Lead Them. Then Jamie, the lead, leaps (from a balcony) onto the stage, and with his deep baritone sings of his vow to serve the President <gasp> himself, choosing to lower himself from the pantheon of the immortal gods themselves to be reborn as a common government servant, thereby making the supreme sacrifice for his Nation, and his President. Crowd sighs (even as Timmy, formerly distraught, realizes the gravity of Jamie's commitment and begins to clap, teary eyed and laughing with joy) as the curtain closes to then thundering applause and shouts of encore! encore!
I think I missed an opportunity to do an update of "A Christmas Carol," complete with Tiny Tim. Stay tuned.
on Tue, 12/08/2009 - 18:46
#157215
Ya, except Jamie will, in the end, play the role, of the kid form A Christmas Story who gets his tongue frozen to the flag pole at recess.
Couldn't happen to a better candidate.
on Tue, 12/08/2009 - 19:31
#157298
ned, how about the gangsta remix?
http://www.youtube.com/watch?v=wIEFTlNYnVw&feature=related
on Tue, 12/08/2009 - 19:51
#157324
tip e - How about Santa making some lists ghetto style. Remember, Jamie is in the kitchen rollin' a bomb. Happy Holidays
http://www.youtube.com/watch?v=cup2SYbEQAw
on Tue, 12/08/2009 - 20:47
#157407
Hoe, Hoe, Hoe.
Wuz da Nite Befo Crimmus
on Tue, 12/08/2009 - 18:13
#157165
Perhaps Mr. Geithner can get a place in the admin as the window caulking czar?
on Tue, 12/08/2009 - 18:14
#157167
http://finance.yahoo.com/tech-ticker/article/381901/Howard-Davidowitz-Sees-Our-Future-And-It-Is-Japan?tickers=^n225,spy,dia,udn,uup,qqqq
on Tue, 12/08/2009 - 18:22
#157178
I'll bet it's cordial. Uncle BHOm is cordially invited to participate in our marketing strategy. "Your attendance is required. Be there or beware." (Scape)Goats may be sacrificed at the altar. Casual attire is mmmmkay.
on Tue, 12/08/2009 - 18:25
#157182
Who would ZH readers rather have as Treasury Secretary
Tim Geithner
or
Jamie Dimon
(Dimon in my view is a 1000 times more dangerous than Turbo)
on Tue, 12/08/2009 - 18:29
#157188
Makes no difference.
It's like having Big Pussy replaced by Paulie Walnuts.
on Tue, 12/08/2009 - 18:31
#157193
What we really need is a Main Street banker to fill that role. These Wall Street welfare cheats are becoming hard to stomach.
on Tue, 12/08/2009 - 18:42
#157207
Not sure if a Main Street banker knows the Fraud Street game good enough. They would beat him like a red headed step child. What we need is someone that knows the game, but has the stones to stand up to them. Is there such a person? Prolly not.
on Tue, 12/08/2009 - 18:57
#157243
Bill Gross. Some would say he already tells Bernanke what to do, so heading Treasury would be a natural evolution.
on Tue, 12/08/2009 - 23:01
#157519
Get a union guy in there. He'll know fraud well enough.
on Tue, 12/08/2009 - 18:40
#157203
Dimon coming in doesn't sound good at all. And not because Dimon is evil or anything (he is) but because it seems like some serious shit is about to hit the fan and they need a heavy hitter to handle the bankers' business. Just like Henry Paulson was made in charge when things needed to be "taken care of" during the Bush regime. It's time for kids to leave and the adults to enter the room.
on Tue, 12/08/2009 - 18:49
#157224
Indeed it is time for the administration to call in a front line nominee rather than relying upon a back bencher who constantly needs to call 212 for instructions.
on Tue, 12/08/2009 - 18:55
#157236
In fact, although Americans don't know it yet (and most never will), they are about to get a new (de-facto) President. Do you think Obama will be able/allowed to challenge Dimon? No way. He'll be running the ENTIRE show - just like Paulson ran using Bush as a rubber stamp. That's what Obama is about to be reduced to - a rubber stamp.
on Tue, 12/08/2009 - 18:57
#157241
GG, I thought that is why Obama was elected in the first place. To be a reliable rubber stamp.
on Tue, 12/08/2009 - 18:59
#157248
I should have added "if he isn't already one" at the end. I was actually going to edit the comment but you responded before I could :-)
on Tue, 12/08/2009 - 19:02
#157251
It is a rare moment that my mind is quicker than yours. Perhaps this is the dynamic at work here. Timmay just cannot keep up and someone needs to be there to handle the calls as they come in.
on Tue, 12/08/2009 - 19:12
#157273
Thanks for the compliment Miles. Coming from one of the sharpest commenters around on ZH, I don't take it lightly.
on Tue, 12/08/2009 - 18:43
#157208
What's the next poll?
Have my dick in a blender
or
My balls set on fire
on Tue, 12/08/2009 - 18:48
#157222
Actually, I choose to recycle one of my favorites.
If you are up to your neck in crap and someone tosses a bucket of puke at you do you duck?
on Tue, 12/08/2009 - 18:50
#157226
Answer--Both. Simultaneously if possible.
on Tue, 12/08/2009 - 18:31
#157192
The bankers are the real rulers. Of course, he has to discuss everything (read: ask permission/get instructions) before he even so much as goes to pee.
on Tue, 12/08/2009 - 18:41
#157206
For some reason, I just don't think they would make a Treasury Secretary out of the guy who said that financial institutions should be allowed to fail.
http://www.washingtonpost.com/wp-dyn/content/article/2009/11/12/AR200911...
on Tue, 12/08/2009 - 18:45
#157214
Maybe he said it so that he COULD be Treasury Secretary?
on Tue, 12/08/2009 - 18:46
#157217
Are you familiar with the term "lying"?
on Tue, 12/08/2009 - 18:50
#157229
You mean, like telling you mother-in law that she looks great??
on Tue, 12/08/2009 - 18:59
#157247
One of the reasons I married my X is because of the saying; "If you want to know what your wife will look like in 20 years, look at her mother".
on Tue, 12/08/2009 - 23:01
#157266
haha
on Tue, 12/08/2009 - 19:02
#157253
But why would he back himself into a corner like that if he really thought he would be Treasury Secretary?
To be honest, I don't think he wants to be Treasury Secretary. He'd rather stay on the private side at what is considered to be one of the "stronger" banks, and make more money.
on Tue, 12/08/2009 - 19:51
#157339
Are you familiar with the term "lying"?
Ooooh, now that was beautiful!
on Tue, 12/08/2009 - 18:44
#157212
Jamie Dimon is another Wall Street Criminal!!! If Obama hires this thug, we are finished!
PROSECUTE these oligarchs, don't HIRE THEM!!
They are financial terrorists!!
on Tue, 12/08/2009 - 18:46
#157219
I hope they pair Dimon up with Summers, the 1-2 punch of fraud and pillage. I need a reason to burn through all the bottles of vodka in my freezer. Maybe after that I can roll around naked in my PMs, or cry in the corner about the shockwave of pain about to hit us. You know see where the evening takes me.
on Tue, 12/08/2009 - 18:50
#157228
Geithner's not going anywhere. This meeting is just the end of year "overlord cock-polish" gala... service done in the Oval Office, naturally.
on Tue, 12/08/2009 - 18:51
#157230
Can someone explain the difference between top bankers and Geithner? I thought they were synonymous. Really.
on Tue, 12/08/2009 - 18:51
#157231
anyone else ready to "Go Galt?"
all of us here as well as our networks of "producers" need to fall off the grid and starve the beast
on Tue, 12/08/2009 - 18:52
#157233
ANOTHER WALL STREET CRIMINAL leading our nation?!?!
Gawwwwwwwwwwwwwd Obama~ Tell us you are smarter than this!
Let the crooked banksters fail--stop making Americans pay for their continued theft and fraud!
on Tue, 12/08/2009 - 18:59
#157249
Don't just stand there, do something. Re-arrange the deck chairs. Aye Cap'n!
on Tue, 12/08/2009 - 23:58
#157563
Don't just do something, Stand there ! Wha you thought we were actually paying attention??
on Tue, 12/08/2009 - 19:10
#157270
He can have it both ways, and, you know he likes it that way.
Maybe Timmy will stay on and the Prez will simply bring in Jamie (James, the Jimster) as a Treasury czar. That way he can keep his old job and still be a part of the empire!
on Tue, 12/08/2009 - 19:18
#157283
Don't say things like that! They might actually do that...God would that be a blatant power move. "I'm over seeing what the Treasury does, BTW also the main man at JPM. Conflict of interest, no! Perish the thought!"
on Tue, 12/08/2009 - 19:40
#157315
dimon is a lying sack of shit, all thru febuary he was on tv once a week saying how the whole economy was fucked, and fucked bad, and we were in for a hurting, and low and behold what happened, the market tanked all of febuary into the march lows, from the first week in march jamie has made zero tv appearances for public consumption
this is the man that owns the largest derivatives book in the history of the world
on Tue, 12/08/2009 - 19:49
#157331
Unless you have inside info that you're not sharing, your political analysis doesn't hold a candle (in this case) to your credit analyses. In no way is BO testing the waters with Dimon in a public meeting with bankers.
on Tue, 12/08/2009 - 20:26
#157381
Not likely to happen.
Can you imagine the confirmation hearings?
Unless BHO plans to do a "recess appointment" swap, with JD coming in to Treasury and TG going to The Squid where he'll finally be able to make some real money...
Just wondering.....
on Tue, 12/08/2009 - 20:28
#157388
Jamie for Timmy
Change we can believe in?
Not very likely
on Tue, 12/08/2009 - 20:58
#157415
So, in a fight between TIMMAH and JIMMAH, who wins?
http://www.youtube.com/watch?v=cWk6RgQbPVc
on Wed, 12/09/2009 - 06:48
#157657
The only adult in the room who doesn't have his hand in the till and has a record of unblemished success is Paul Volcker..get busy and push..there is no other good choice with his chops.
on Wed, 12/09/2009 - 11:24
#157916
I completely agree with your thoughts on Volcker... And isn't it ironic that his voice is the one being stymied the most? Tells you how badly they really want to "fix" this mess.
on Wed, 12/09/2009 - 07:01
#157658
How about $2 a share for the Bear including 383 Madison...OK, Jaimie we can't get away with it, how about $10.? Nice trade. Thanks Timmy, owe you one...Hold on, I can use WaMu ..What you got?...I think I can swing it...Sweet!!!!
Trade you Timmy for Jamie? He's got a good rap, shoots from the hip, quick on the lip..let's give it a shot...pathetic ..the Titanic hit the 'berg only about 50 minutes ago..how we doin'?
on Wed, 12/09/2009 - 06:52
#157659
duplicate!
on Wed, 12/09/2009 - 06:52
#157660
duplicate!!
on Tue, 12/08/2009 - 21:45
#157449
It could be much much worse. Two words:
Larry Summers
on Tue, 12/08/2009 - 21:45
#157450
The big win for Dimon would be cashing all out of JPM tax free. Anyone else think Paulson minded dealing with all the BS he had to shovel after cashing out at the top of GS - no questions asked he HAD to- tax free? That's a mighty carrot.
on Tue, 12/08/2009 - 21:47
#157454
Perhaps Geithner is out and Obama will move Elizabeth Warren in to replace him.
Well, it COULD happen. Couldn't it?
on Tue, 12/08/2009 - 23:08
#157530
right after the sun comes up in the west.
on Wed, 12/09/2009 - 07:03
#157666
Sure, if enough men stood up..if there were more we'd get Volcker with Warren running the day-to-day
on Tue, 12/08/2009 - 23:07
#157526
Turbo Tim isn't going anywhere. The President likes him, and it looks like everyone is beating up on the nerd. The fact is, the President is doing what he 'wants to' he happens to be smarter than bush and won't need anyone 'to explain to me what happened'.
A lot of people projected a lot in the 'change you can believe in' crap. He has revealed himself to being a corporatist blue dog. No prosecution for war crimes, Sotomayor, dumping on the Public Option, no fraud indictments for what happened, and is happening.
He is a real likable guy but I have gotten to the point where I don't want to listen to him anymore. Talk is cheap, with no interest.
Matt Taibbi's latest compilation/indictment of intent for this administration shows just how thick the firewall to rubinsummersobama is. They mean what they are doing, flagrante delicto. Like squids and sharks, they don't care
There would be a whithering confirmation process for a new Treasury secretary and they would have to be questioned be Paul and Grayson, which for my entertainment, would be a delight.
I think barry's just desserts will be a congress with enough cracker republicans to make his life miserable. The democratic leadership blew it when they treated the blue dogs special. They should have played tough, fed them pork, but no.
Blue dogs are republican moles. The republicans in congress are a metasticized single celled organism of evil. Also they are stupid.
I really wonder if BO will really want to be President for 8 years.
on Wed, 12/09/2009 - 00:58
#157590
what about rubin? he's still slithering around the crime scene. I wouldn't rule out an obama assasination, if it provides justification, to promote the adgenda. he doesn't even have to do anything wrong. he's not one of them, and I don't care how nice a guy he is, he's there to be used, and discarded. he has no value beyond his usefullness.
on Wed, 12/09/2009 - 07:04
#157667
rubin and clinton, sittin' in a tree..blowing bubbles and building Citi
on Wed, 12/09/2009 - 10:42
#157867
I think geitner is out. Replaced by another harvard idiot. Maybe robie rubin or jaime diamond. Perhaps the great aig thief hank green could make a comeback. anyone have greenspans #?