December 14, 2009 11:36 AM

Three CEOs Miss Face Time with Obama

By
Brian Montopoli
Topics
Economy
(AP Photo/David Karp)
President Obama's meeting with prominent members of the financial services industry will be missing three key members: Goldman Sachs Chairman Lloyd Blankfein (left), Morgan Stanley Chairman John Mack and Citigroup Chairman Dick Parsons.

All three had been expected to attend the meeting but will miss it "due to inclement weather," according to the White House.

The three planned to participate instead via conference call.

A White House spokesperson told CBS News the cancellations were due to bad weather in New York City – saying the business leaders were stuck on the runway as a result of fog.

The CEOs, interestingly, didn't book private jet flights to meet with the president. But had they flown to D.C. the night before rather than the morning of (flight delays are common this time of year), they likely would have been able to attend in person.

The meeting between the White House and Wall Street leaders comes just one day after an interview aired on "60 Minutes" in which the president railed against Wall Street "fat cats."

The comments marked a rhetorical volley by a White House that has seemed to grow increasingly frustrated with Wall Street leaders who the president says have not shown "a lot of shame" about their behavior and outsized compensation despite the bank bailouts and economic downturn.

Among the issues expected to be discussed at the meeting are regulatory reform efforts, bank lending practices and executive compensation. Here's a list of those who are attending:

Ken Chenault, President and CEO, American Express
Richard Davis, Chairman, President, and CEO, US Bancorp
Jamie Dimon, Chairman and CEO, JP Morgan Chase
Richard Fairbank, Chairman and CEO, Capital One
Bob Kelly, Chairman and CEO, Bank of New York Mellon
Ken Lewis, President and CEO, Bank of America
Ron Logue, Chairman and CEO, State Street Bank
Gregory Palm, Executive Vice President and Chief Counsel, Goldman Sachs
Jim Rohr, Chairman and CEO, PNC
John Stumpf, President and CEO, Wells Fargo

Also in attendance will be Chief of Staff Rahm Emmanuel, Senior Obama Adviser Valerie Jarrett, White House economic adviser Christina Romer, National Economic Council director Larry Summers and Treasury Secretary Timothy Geithner, according to the White House.

Add a Comment See all 39 Comments
by rightbehind December 14, 2009 4:31 PM EST
They should have had leg irons waiting for goldman sachs and morgan stanley. Same two companies that hired the enron speculators. Same speculators that caused rolling blackouts in California and drove gas to 4 dollars a gallon. They put a lot of people out of work.
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by mcapek December 14, 2009 4:42 PM EST
If they are guilty of some crimes, be sure to call your state attorneys office and bring it to their attention. I think we will keep the leg irons off until they are found guilty of those alleged crimes. Rolling blackouts are fault of Wall Street CEOs, are you kidding?
by mcapek December 14, 2009 4:01 PM EST
you cannot have it both ways. either its okay for them to fly their expensive corporate jets, or they should fly like Joe Public, which is what they did. so there is fog in New York and planes cannot fly. big deal. and Obama is not their dad, so no beating will take place. there is nothing Obama can do to them, now or in the future. those guys are set for life anyway, they can just grin at him and nod their heads and blow him off.
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by skeezix06 December 14, 2009 3:42 PM EST
What. a. surprise. ...Not.
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by SevenAngryFreds December 14, 2009 3:05 PM EST
So why would anyone expect the three cowards to face the music like men??
Reply to this comment
by mcapek December 14, 2009 3:59 PM EST
facet the music from a guy with big floppy ears, straight from the cover of Mad magazine? I don't think so.
by sandy19731 December 14, 2009 2:59 PM EST
Why is it that the Small Business Administration doesn't step in and ramp up their loans? If the banks don't want to loan to small businesses they may find themselves unnecessary.
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by DSR_57 December 14, 2009 4:56 PM EST
DUMB ! ! Try again to ask a smart question
by mitdgreenb December 14, 2009 2:56 PM EST
Hey -- reporter -- "had they flown out the night before" someone would have had to have paid for a hotel room. This was an unnecessary slam by someone who clearly has not been much of a business traveler.

And, while the President is looking for people to show shame, he should look to Congress. You know, people like Barney Frank who made it possible for Frannie and Freddie to loan to any/everyone regardless of risk. Looking for someone to show contrition is a useless exercise... because there are far far too many people here who would be hanging their heads instead of getting things fixed.
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by bciss December 14, 2009 3:14 PM EST
Your logic is flawed. While there are many to be hanging their heads in shame for the crimes they committed. The fact there are many, be they bankers or politicians or corporate heads, absolves no one of their complicity.

Further you state "instead of getting things fixed". What exactly have they fixed? I mean something of actual import not a slight of hand or PR move of no real substance. All of the conditions and issues that permitted the problem are still in place. Nothing of substance has changed for the better. Virtually all of the problems, both those admitted to and those still mostly hidden from the public, remain.

The problem is a broken and corrupt system. The problem is broken and corrupt people in far too many positions of power. The last thing in the world that should be done is to further leave them to their own devices. It is idiotic at best and fatalistic logic at worst. To suggest in any way shape or form, that the jackals who were the helm of this crisis and others, should remain at said helm.

Being smart or successful does not disallow the possibility of corrupt and wicked ways. It in facts seems to breed it, as is evidenced by the greed for money and power that rules this world. Their was a reason for checks and balances as a concept. There is also a reason it is has been mostly subverted on so many levels and in so many aspects of our society.
by moonbeam91 December 14, 2009 5:26 PM EST
Ditto, but you forgot to Chris Dodd who was/is the head of the banking committee! Yep, we democrats should also own up to our misdeeds. Moreover, how about the Obama's (michelle) who has a bunch of people who think they are above everyone; i.e. recent fiasco of the WH crashers, etc. Oh why can some impartial somebody investigate them. They did to Pres Clinton & Hillary - going way back to whenever. Please step-up & investigate.
by confused2byu December 14, 2009 2:05 PM EST
So everyone send a president/CEO except Goldman Sach's who sent a Executive Vice President and Chief Counsel. I forget do they not have a president/CEO anymore? I just wonder when the time comes that these guys will need another bailout if they then apologize for their arrogants. I guess we will find out but my guess is that the American people won't buy it and these people will finally be standing in the unemployment line with the people they put there. I can't keep wondering if these people are paying back the TARP in record time so they can give out bonuses this year and then next year ask for another tax payer handout. But why wouldn't they; they are too important and too big to be allowed to fail.
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by taxpayingvoter December 14, 2009 2:40 PM EST
you can bet that they have had the money stashed for quite some time now hoping to get it out to the CEO's without being noticed. Once they saw that we were actually watching very closely they decided to get the money out there so they can get out from under the government . History will show us that these idiots will not change and thier greed will once again cause a situation that will have them on the brink of disaster once again. Too bad next time yopu go down in flames and no one will care. Sort of like in the history of the French Revolution. They didn't pay attention ither, then one day, CHOP CHOP.
by braniff77 December 14, 2009 2:03 PM EST
The "White House Spokesman" needs to check his sources. It looks like the weather delay was more likely due to fog in Washington, not NY, this morning. According to FlightStats.com, several Delta Shuttle flights to DC were cancelled, and at least one USAirways shuttle flight was diverted instead of landing in DC.
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by Empire-George December 14, 2009 1:52 PM EST
by endurorob_5 December 14, 2009 12:10 PM EST
Obama continues to work the class warfare tactic and amazingly there are plenty of idiots to fall for it.
_____________

doesn't it make you ill, as it does me, to watch Obama bringing his brand of Chicago Thuggery to the office of President.....forcing his idea of "social justice" that he learned at the foot of radicals like Rev.Wright

He has this concept that anyone successful, MUST have achieved their success by stealing from someone else.....frankly, I am very disappointed in this president and quite frankly, embarrassed that we have this street thug in office, with his Chicago gang buddies.
Reply to this comment
by slownewsday_ December 14, 2009 2:20 PM EST
Now I'm no fan, Joe, but what makes him a "street thug"? A bit of hyperbole, no?

By the way, the imposter is back around... If it's not this name, it's not me!
by taxpayingvoter December 14, 2009 2:41 PM EST
what have you been smoking?
by olskooltoo December 14, 2009 1:46 PM EST
sounds like missing a meeting with OBAMA because of weather is a bunch of B$
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