The New York Times tees up a fascinating look at the delicate, awkward dance between WLl Street and a president they hate, but who they also fear, because the believe he is likely going to be re-elected.
The piece, by Nicholas Confessore, also underlines the sheer cluelessness of many hedge founders, who really don’t seem to get how most of the country feels about them. A clip:
One day in late October, Jim Messina, Obama’s campaign manager, slipped into the Regency Hotel in New York and walked up to a second-floor meeting room reserved by his aides. More than 20 of Obama’s top donors and fund-raisers, many of them from the financial industry, sat in leather chairs around a granite conference table.
Messina told them he had a problem: New York City and its suburbs, Obama’s top source of money in 2008, were behind quota. He needed their help bringing the financial community back on board.
For the next hour, the donors relayed to Messina what their friends had been saying. They felt unfairly demonized for being wealthy. They felt scapegoated for the recession. It was a few weeks into the Occupy Wall Street movement, with mass protests against the 1 percent springing up all around the country, and they blamed the president and his party for the public’s nasty mood. The administration, some suggested, had created a hostile environment for job creators.
Messina politely pushed back. It’s not the president’s fault that Americans are still upset with Wall Street, he told them, and given the public’s mood, the administration’s rhetoric had been notably restrained.
One of the guests raised his hand; he knew how to solve the problem. The president had won plaudits for his speech on race during the last campaign, the guest noted. It was a soaring address that acknowledged white resentment and urged national unity. What if Obama gave a similarly healing speech about class and inequality? What if he urged an end to attacks on the rich? Around the table, some people shook their heads in disbelief.
“Most people in the financial world,” a top Obama donor later told me, “do not understand how most of America feels about them.” But they think they understand how the president’s inner circle feels about them. “This administration has a more contemptuous view of big money and of Wall Street than any administration in 40 years,” the donor said. “And it shows.”
That it does.
Read the whole article here.