There are a few details and color in Politico from that meeting Obama had with the bank CEOs last week …
“These are complicated companies,” one CEO said. Offered another: “We’re competing for talent on an international market.”
But President Barack Obama wasn’t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public’s reaction to such explanations. “Be careful how you make those statements, gentlemen. The public isn’t buying that.”
“My administration,” the president added, “is the only thing between you and the pitchforks.”
Find out the latest on AIG’s taxpayer funded PR blitz.
An interesting side question — are we even getting good value paying to spin ourselves since one of the main spinners is Mark Penn?
Actually, come to think of it, it’s worth a question of the day. If we need to pay a bailed out financial institution to spin us about how good a job they’re doing, who would we want it to be to get the best value for our dollar?
Contestant Entry Update: TPM Reader MG says there’s no question we’d get our best deal with Clinton spinmeister Terry McAuliffe. I could see it. Any other ideas? … 4:11 PM … Now TPM Readers MM and DW are pushing strongly for Mohammed Saeed al-Sahhaf, sometimes, albeit rather jingoistically known as “Baghdad Bob”. That aside, it seems like a good match.
Norm Coleman won’t say whether he’s talked to the FBI about Nasser Kazeminy, the businessman buddy who allegedly funneled $100,000 to Coleman to cover his living expenses.
Rep. Steve King (R-IA): We must act immediately “so that Iowa does not become the gay marriage Mecca due to the Supreme Court’s latest experiment in social engineering.”
From the Globe …
The New York Times Co. has threatened to shut the Boston Globe unless the newspaper’s unions swiftly agree to $20 million in concessions, union leaders said.
Executives from the Times Co. and Globe made the demands Thursday morning in an approximately 90- minute meeting with leaders of the newspaper’s 13 unions, union officials said. The possible concessions include pay cuts, the end of pension contributions by the company and the elimination of lifetime job guarantees now enjoyed by some veteran employees, said Daniel Totten, president of the Boston Newspaper Guild, the Globe’s biggest union, which represents more than 700 editorial, advertising and business office employees.
The concessions will be negotiated individually with each of the unions, said Totten and Ralph Giallanella, secretary-treasurer of the Teamsters Local 259, which represents about 200 drivers who deliver the newspaper.
“We all know the newspaper industry is going through great transition and loss,” said Giallanella. “The ad revenues have fallen off the cliff. Just based on everything that’s going on around the country, they’re serious.”
According to disclosure documents filed today, Lawrence Summers made almost three million dollars in speaking fees from major commercial banks and investment banks and another $5.2 million as a managing director of D.E. Shaw Group, a large hedge fund.
President Obama spent the day in Europe, meeting with foreign leaders in France and then heading to the Czech Republic. That and other political news in today’s TPMDC Saturday Roundup.