President Obama

  • 09 Oct 2014 at 12:36 PM
  • Banks

President Obama Has A Question About The JPMorgan Cyberattack

Alas, there is no answer. Read more »

President Barack Obama, asked about former Treasury Secretary Larry Summers as a candidate for Federal Reserve chairman, said his former economic adviser is being unfairly criticized in public debate about the selection, lawmakers said after a private meeting with the president. “He took a minute to stand up for Larry Summers,” said Representative Brad Sherman of California, following a meeting with House Democrats today. Obama then met with Senate Democrats. Obama told House Democrats he hadn’t decided whom to appoint as Fed chairman — though he said Summers was being unfairly criticized, Sherman said. Summers and Janet Yellen, the Fed’s current vice chairman, are the two leading contenders to replace Chairman Ben S. Bernanke, whose term expires Jan. 31, according to people familiar with the search. Representative John Larson, a Connecticut Democrat, said the president “hasn’t begun the process but he was, I thought, very adamant in his defense of the service Larry Summers has provided.” [Bloomberg, earlier re: toys]

Just when things were looking up in the fiscal cliff talks, this happens: Read more »

By the time that Obama ran for President, in 2008, his relations with the financial industry had grown warmer, and he attracted more donations from Wall Street leaders than John McCain, his Republican opponent, did. Yet this good feeling did not last, despite the government’s bailout of the banking sector. Many financial titans felt that the President’s attitude toward the “one per cent” was insufficiently admiring, even hostile…When George Soros wanted to meet with Obama in Washington to discuss global economic problems, Obama’s staff failed to respond. Eventually, they arranged not a White House interview but, rather, a low-profile, private meeting in New York, when the President was in town for other business. Soros found this back-door treatment confounding. “He feels hurt,” a Democratic donor says. “They pissed on him,” a confidant says. “He didn’t want a fucking thing! He didn’t want a state dinner, or a White House party—he just wanted to be taken seriously.” [New Yorker]

The following is a (not at all comprehensive) list of things that UBS could legitimately be embarrassed about:

– Losing so much money that a rogue trader’s $2billion loss barely registered above ‘meh’ on the Do We Care scale
– Awarding 4-figure bonuses to managing directors
– Employing a guy who “implored bankers to make a more concerted effort to streamline the firm and likened the strategy to slashing expenses like a ‘Jewish shopkeeper’
This
– Having the entire healthcare team decide Jeffereies is a better place to work
– Being scammed by a bunch of ops guys
– Pulling a reverse Field of Dreams and spending all the money it didn’t have to build a 103,000-square-foot trading floor, in a 700,000-square-foot building, that no one wants to work on or in
– Getting no respect from the people of Stamford, who’d prefer “a nice big Costco” move into the space
– Having to distribute a step-by-step guide re: how to tie a tie

And yet, rather than worry the suggestion its employees have been wearing clip-ons reflects poorly on the institution or taking the time to send out a memo that reads “Subject: Hey, Body: Stop losing so much fucking money!”, the bank’s execs are devoting their energy to this:  Read more »

Earlier this month, the Journal explored the difficulty MF Global customers have encountered in attempting to get their “missing” money back, after the firm went down for the dirt nap last October. One woman who can relate all too well? Barack Obama AKA Angela Dozier-Carter, who is owed $150 trillion and then some, of which she hasn’t seen a dime. Read more »

From the front lines: Read more »