As you may have heard, the Democratic National Convention was held in Charlotte this week. As you may have also heard, some people who figuratively work on Wall Street have had their feelings hurt over the last several years by President Obama, who they believe could have chosen his words more carefully when speaking about the industry. Bankers, traders, hedge fund managers, and pissant first-year analysts have emotions too, y’know, and calling them things like “fat cats” really stings, almost as much as the things you don’t say, like “S-U-P-E-R, That’s what Wall Street bankers are” every time someone wins a deal, or just shaking general pom-poms of encouragement in the lobby as people arrive every morning.

So you can imagine that those working in close proximity to the convention were particularly nervous for what brand of emotional torture the administration had in store for them, and came into the week with their guards on high alert.

Bankers in Charlotte, North Carolina, had prepared for the worst, bracing themselves for attacks from the Democratic Party’s convention stage and fencing in the entrances to guard their high-rise office towers against protests. What they got was mostly muted complaints from the Time Warner Cable (TWC) Arena’s podium and sparsely attended weekend demonstrations. In fact, perhaps the biggest news for Wall Street this week came when former Treasury Secretary Robert Rubin stepped backward into the Ritz-Carlton Hotel pool during a convention party attended by industry insiders.

The relatively light verbal assault relieved the financial sector’s allies, who have spent much of the past four years attempting to breach the divide between the Obama administration and financial titans. When the president mentioned it in his speech last night, he limited his criticism to one line: “we don’t want bailouts for banks that break the rules.” President Bill Clinton didn’t utter the words “Wall Street” in his 48-minute address this week, instead focusing more broadly on the policies that led to the economic downturn. The industry also got a pass in the keynote speech by San Antonio Mayor Julian Castro, and it merited not so much as a whisper in First Lady Michelle Obama’s remarks. “There’s not been a great deal of criticism,” said Tony Podesta, a Washington lobbyist who represents financial firms. “People were really offended by it, and so I think it’s reasonable to change the tone and talk about policy.”

Unless this is just a trap; an attempt to lure Wall Street into trusting him before pulling the same shit all over again, i.e. not ONCE thinking to pick up the phone when he knew you were working late to say “Honey, you’re doing a great job” or just calling to say “I love you.” Maybe at least analyze the situation with your girlfriends tonight before deciding whether or not to give him a second chance. With your heart.

Bankers Erect Fences To Deflect Attacks That Don’t Come [Bloomberg]

107 comments (hidden to protect delicate sensibilities)
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Comments (107)

  1. Posted by Lowly Assistant | September 7, 2012 at 12:42 PM

    Nice title heading, Bloomberg!

    -Guy with a dirty mind, wearing a dirty undershirt.

  2. Posted by BarbaraRGoldberg | September 7, 2012 at 12:50 PM
  3. Posted by Guest | September 7, 2012 at 12:52 PM

    Maybe the fact that only second class talent and banks reside in Charlotte could have something to do with this?

  4. Posted by Guest | September 7, 2012 at 12:58 PM


    – Cam Newton

  5. Posted by Guest | September 7, 2012 at 1:01 PM

    Tell me about it. Based on the title and the picture, I was sure the article was going to be about a Beamers type establishment.

    -Guy who doesn't know what "girded" means.

  6. Posted by Guest | September 7, 2012 at 1:01 PM

    hehe…it says erect and come…hehe

  7. Posted by guest | September 7, 2012 at 1:03 PM

    Could have something to do with what? The lack of jabs at the DNC? The fear they were going to get attacked? It seems like you were trying to make a point, just not there yet.

  8. Posted by pazzo83 | September 7, 2012 at 1:04 PM

    You're welcome.

    – Charlotte's Climate

  9. Posted by Guyincharlotte | September 7, 2012 at 1:08 PM

    I've never been surrounded by such losers.

    -Guy who had to come into the office during DNC

  10. Posted by guest | September 7, 2012 at 1:10 PM

    seems unlikely.

  11. Posted by guest | September 7, 2012 at 1:23 PM

    He-….no wait, never mind.

    – Charlotte Bobcats

  12. Posted by Guyincharlotte | September 7, 2012 at 1:25 PM

    The OWS march that was equal parts cops/burn-outs did not strike fear of an attack in me.

  13. Posted by Coles Stevens | September 7, 2012 at 1:27 PM

    "into the Ritz-Carlton Hotel pool during a convention party attended by industry insiders."

    The combination of Ritz-Carlton and "industry insiders" makes me want to puke.

  14. Posted by guesticles | September 7, 2012 at 1:29 PM

    No one cares.

  15. Posted by Guest | September 7, 2012 at 1:29 PM

    Letting them eat cake since 1789

    CEO, Erector-fence-company

  16. Posted by guest | September 7, 2012 at 1:29 PM

    You seem easily offended.

  17. Posted by pazzo83 | September 7, 2012 at 1:46 PM

    Fuck the Cowboys.

  18. Posted by 2 cubes over | September 7, 2012 at 2:00 PM

    What's the connection between Cowboys cheerleaders and Charlotte, NC?

    -Highland Park "HF" Guy

  19. Posted by guest | September 7, 2012 at 2:06 PM

    Would Ritz-Carlton and industry outsiders have been preferable? Hampton Inn and industry insiders?

    – Guy who's curious about the winning combination

  20. Posted by Sleeper | September 7, 2012 at 2:06 PM

    Come on, Bess. Of all the thousands of Cowboy cheerleader pictures out there, you pick the one girl who looks like she had a fire on her face that was put out with a pitchfork!?

  21. Posted by pazzo83 | September 7, 2012 at 2:06 PM

    Both start with C?

    – Citi Sesame Street Quant

  22. Posted by Gern Blansten | September 7, 2012 at 2:07 PM

    So eloquent – you must be an Eagles fan (or from Long Island)

    – The Silver Saddle

  23. Posted by pazzo83 | September 7, 2012 at 2:09 PM

    0-2 count. You must play for the Mets?

  24. Posted by Punch Me Please | September 7, 2012 at 2:09 PM

    Yea, better watch out for the poisoned cat food guys.

    -Former banker / dealbreaker reader now using his powers against his former fatcat masters, but still a fan of FECs and not of retail bankers.

  25. Posted by Guest | September 7, 2012 at 2:11 PM

    Learn to be content. Matt would have given us a bar chart.

  26. Posted by HAM05 | September 7, 2012 at 2:14 PM

    eh, lights-on still

  27. Posted by guesticles | September 7, 2012 at 2:17 PM

    If you read the above as being sincerely sympathetic to 'fatcat masters'…your reading comprehension could use work.

  28. Posted by Guest | September 7, 2012 at 2:17 PM

    C makes a "cuh,"
    C makes a "cuh"
    hi ho the deri-o
    C makes a "cuh"

    –Ken Lewis

  29. Posted by guest | September 7, 2012 at 2:18 PM

    if you click through the s-u-p-e-r cheer, you'll see that ken langone said last year that he wishes obama would be a cheerleader for wall street, which needs more encouragement.

  30. Posted by HungryIntern | September 7, 2012 at 2:22 PM

    Considering you live in the city with the NASCAR hall of fame, are you sure about your quip?

  31. Posted by Guyincharlotte | September 7, 2012 at 2:28 PM

    NASCAR hall of fame that also houses the Chiquita HQ.

  32. Posted by Asses of Fire | September 7, 2012 at 2:32 PM

    I believe the expression is putting out a forest fire with a screw driver

    Terrence and Phillip

  33. Posted by Guest | September 7, 2012 at 2:54 PM

    New pic, thanks Bess!

    – guy who is now even more pumped that it's Friday

  34. Posted by Hakuna Matata Guy | September 7, 2012 at 3:00 PM

    Clearly would be more comfortable with Hampton Inn and industry outsiders in the same sentance. Hope you reading this helps!

  35. Posted by Abe_Froman_ | September 7, 2012 at 3:01 PM

    Only Bess could know that the DB commentariat is full of ass men… and PMCO

  36. Posted by Guest | September 7, 2012 at 3:21 PM

    When asked about my thoughts on the game I told my boss that I'm happy the Giants lost but I'm not happy the Cowboys won #hater

    – Forever Bitter Jets Fan

  37. Posted by Walter | September 7, 2012 at 3:30 PM

    FYI, those are not the cowboys cheerleaders.

    – Real American

  38. Posted by ILoveLamp | September 7, 2012 at 3:38 PM

    That's two days in a row this Bob Rubin "falling into the pool" thing is being reported on. Why haven't they reported that it was Hank Paulson who actually pushed him in? Something about touching his wife's feet, I heard.

  39. Posted by Fred Garvin | September 7, 2012 at 3:40 PM

    Please keep rotating the pics.

    – Eliot Spitzer

  40. Posted by Coles Stevens | September 7, 2012 at 3:43 PM

    Didn't realize I was walking into a shit-storm on that one. Ha.

    I just don't like industry insiders. I know it doesn't exist, but I'm a fan of capitalism – you know – where the best rise. More of a "what you know", than a "who you know" society.

    I have no problem with the Ritz. I'm not that easily offended, but apparently no one cares.

  41. Posted by Jeremy Clarkson | September 7, 2012 at 4:02 PM

    You know this how?

  42. Posted by Guyincharlotte | September 7, 2012 at 4:20 PM

    I'm a guy in Charlotte

  43. Posted by Lance Rentzel | September 7, 2012 at 5:08 PM

    Worth 2B and owned buy a crazy guy who has a person clean his eyeglasses for him during a game according to ESPN.

  44. Posted by Guest | September 7, 2012 at 5:38 PM

    Yes, I too am a fan of capitalism where only the best rise to the top. We need to get back to those days.

    – D Fuld

  45. Posted by Mets Rule | September 7, 2012 at 5:40 PM

    You got a problem with the mets??????

    GO METS!!!

  46. Posted by E. Texas Gas Trader | September 7, 2012 at 5:58 PM

    In Deep East Texas, they say a cheerleader's favorite color is "yeller".

  47. Posted by Punch Me Please | September 7, 2012 at 6:02 PM

    It was a joke about the Wachovia cat food FEC jackass.

  48. Posted by guest | September 7, 2012 at 6:38 PM

    Okay, sincere apologies, I forgot.

    – guy who's ashamed the cat food eating competition slipped his mind

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    I second that.

    -Anthony Weiner

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