Obama secretly meets with hedge fund honchos to save USA

Discussion in 'Wall St. News' started by marketsurfer, Nov 28, 2012.

  1. Obama Said to Have Unannounced Meeting With Financial Executives
    2012-11-28 00:51:11.153 GMT

    (For more on the fiscal cliff, see EXT7.)

    By Julianna Goldman
    Nov. 27 (Bloomberg) -- President Barack Obama’s efforts to
    engage business leaders in negotiations to avoid the year-end
    fiscal cliff have included unannounced private talks with top
    financial executives at the White House.
    On Nov. 16, the same day Obama met with congressional
    leaders, he sat down with about a dozen financial services
    executives in the Roosevelt Room, where they were meeting with
    senior administration officials including Treasury Secretary
    Timothy F. Geithner.
    The session was part of a series of consultations Obama has
    had with outside groups aimed at pressuring Congress to strike a
    deal to avert more than $600 billion of automatic spending cuts
    and tax increases set to take effect in January.
    The group included Blackstone Group LP President Tony
    James; Evercore Partners Inc. chairman Roger Altman; Robert
    Wolf, chief executive officer of 32 Advisors LLC; Centerbridge
    Capital Partners LLC managing principal Mark Gallogly; Glenn
    Hutchins, co-founder of Silver Lake Management LLC; Marc Lasry,
    founder of Avenue Capital Group LLC; Blair Effron, co-founder of
    Centerview Partners LLC; and Orin Kramer, general partner at
    Boston Provident Partners LP, according to administration
    officials and a participant in the session.
    The meeting, held across from the Oval Office, wasn’t on
    the president’s public schedule. He dropped in on the 90-minute
    session as it was about halfway through.

    Taxes and Cuts

    It was called by Valerie Jarrett, a senior adviser to the
    president, and among the other administration officials present
    were Vice President Joe Biden, National Economic Council
    Director Gene Sperling and Jeffrey Zients, acting director of
    the Office of Management and Budget, according to White House
    officials, who asked for anonymity because the meeting wasn’t
    publicly announced.
    The talks included a discussion of cuts in entitlement
    programs such as Medicare and Medicaid. Obama emphasized his
    drive to extend existing tax rates for middle-income Americans
    while letting those for top earners rise when they expire at the
    end of the year, according to Wolf.
    “In our meeting the president was clear that the numbers
    do not add up without the Bush tax extension ending for the top
    two percent,” said Wolf, former chairman of UBS Americas. “He
    was equally clear that he thought giving clarity for the other
    98 percent of the nation that they would not be paying higher
    taxes was critical in keeping confidence during the holiday

    Staunch Supporters

    The president is scheduled to hold another meeting tomorrow
    with business leaders, including Goldman Sachs Group Inc. CEO
    Lloyd Blankfein.
    Many of the participants at the Nov. 16 meeting have been
    among Obama’s staunchest supporters on Wall Street and top
    campaign donors.
    Biden briefed the group on talks earlier that day with
    House Speaker John Boehner, House Democratic leader Nancy
    Pelosi, Senate Majority Leader Harry Reid and Senate Republican
    Leader Mitch McConnell. Obama also discussed the talks with
    congressional leaders, according to a participant, who described
    the meeting on condition of anonymity.

    For Related News and Information:
    Top Stories: TOP <GO>
    White House Stories: NI EXE <GO>

    --Editors: Joe Sobczyk, Michael Shepard

    To contact the reporter on this story:
    Julianna Goldman in Washington at +1-202-654-4304 or

    To contact the editor responsible for this story:
    Steven Komarow at +1-202-654-4302 or
  2. What do you think about this?:cool:
  3. I think its a good sign that he is meeting with the kingpins of capitalism-- I think a solution will happen and tax rates will remain the same--- but I have been wrong before....

  4. ktm


    Politico is reporting today that they are close to a deal that will push entitlement reform to early next year and let the Bush tax cuts expire on those making 500K or more per year.
  5. In Hank Paulson book, Paulson kept Obama up to date on the financial crisis prior to the election in 2008. Paulson felt obligated to share his expertise and very open. After Obama was elected, he never spoke to Paulson again. Paulson made no further comments about Obama's slight, but it was apparent that Paulson felt (not sure of the word here) not needed anymore.

    This being said, I'm not sure how much mister arrogant barry sotero will absorb in his narcissitic brain.
  6. So... they raise taxes on the top 2%.... collect maybe $80B... that will reduce this year's deficit from $1.5B to $1.42B...

    Problem solved, see?

  7. Dividend taxation is my primary concern. what's the latest intel?

  8. Ah... the "usual".

    Raise taxes NOW.... cuts later. (Somehow that second part always seems to get weaseld-out of.)
  9. Dividend taxes may be increased to 43%---- this is bad, very bad....

    I guess traders don't care, no investors here.

  10. What can be done? Writing is already on the wall for this poor nation.
    #10     Nov 28, 2012