Here Is The City has obtained the confidential transcript of the meeting that took place Monday between the leaders of some of America's largest banks and US President Barack Obama.
Bankers in attendance:
Ken Chenault - President & CEO, American Express
Richard Davies - Chairman, President & CEO, US Bancorp
Jamie Dimon - Chairman & CEO, JPMorgan Chase
Richard Fairbank - Chairman & CEO, Capital One Bank
Bob Kelly - Chairman & CEO, Bank of New York Mellon
Ron Logue - Chairman & CEO, State Street Bank
Gregory Palm - EVP & Chief Counsel, Goldman Sachs
Jim Rohr - Chairman & CEO, PNC
John Stumpf - President & CEO, Wells Fargo
For the White House:
Rahm Emanuel - Chief of Staff
Tim Geithner - US Treasury Secretary
Valerie Jarrett - business liaison
Christine Romer - Chairman, Council of Economic Advisers
Larry Summers - Chairman, National Council
Here's the transcript:
Obama: 'Well, before we kick off, I'd just like to thank a few guys for setting this up...'
Emanuel: Cough. 'Eh, wrong meeting, Mr President. You're not thanking anyone at this meeting'.
Obama: 'Not thanking anyone ? What do you mean ? I always thank someone - it's my favourite part of every meeting!'
Emanuel: 'No, this is the banker group, Mr President. You are supposed to be putting on your angry face'.
Obama: 'Oh, OK. Well, let's see. Who do I know here ? Hey Jamie, how's it hangin' ?'.
Dimon: 'I'm cool, Prez. Cool'.
Obama: 'Whatcha doing here ? You're one of the good guys'.
Dimon: 'Was just passing, Prez. Wondered if you wanted me to take over another bank today. I just love those sweet deals'.
Obama: 'Got anything for him, Tim ?'.
Geithner: 'Not today, Mr President. But I'm working on it'.
Obama: 'Hey Ken. Good to see yer. But why you wearing Bermuda shorts ?'.
Lewis: 'I'm retiring, Mr President',
Obama: 'Retiring, huh ? That'll be me in 3 years. What's the crack ?'
Lewis: 'Long story, Mr President. I'm sure Tim'll fill you in'.
Obama: 'OK. Eh, Bob.....Bob. What you doing, Bob ?'.
Kelly: 'Brushing up my CV, Mr President. Might be getting a new job soon'.
Lewis: 'Screw you, Bob'.
Obama: 'Richard. Hey bro. You on the phone ? Where's Vikram ?'
Parsons: 'Haven't you heard, man ? We just paid back TARP. Vikram says we don't need to come to gigs like this anymore. But I thought I'd call in just the same'.
Obama: 'Oh. And where's Johnny Mack ?'
Geithner: 'His flight was delayed. He said he'd conference in ?'
Obama: 'Well, is he on ?'
Geithner: 'Sorry, Mr President. I've tried to reach him, but I keep getting his PA'.
Obama: 'And what did she say ?'
Geithner: 'The usual. She told me to 'get f.cked!'.
Obama: 'OK. Now where's Lloyd ?'
Palm: 'On the same flight as Johnny'.
Obama: 'Get him on the phone'.
The phone rings in Blankfein's office
Obama: 'Lloyd, Lloyd. What about those big bonuses ? You know you can't pay them, don't you ?'
Blankfein: 'Can't hear you, Mr President. The line is real bad'.
Obama: 'Bonuses! Bonuses!, Lloyd'.
Blankfein: 'Oh, yes, Mr President, we're gonna pay real big ones!'.
Obama: 'No, Lloyd. You can't do that. That will cause me lots of trouble'.
Blankfein: 'Yes, that's right, Mr President; we're going to pay up double'.
Obama: 'Lloyd! Lloyd! Can you hear me ?'
Blankfein: 'You're cracking up again, Mr President. I'll call you back after I've signed all these bonus checks. Might be a while though'.
The line goes dead.
Obama: 'Well, that seemed to go well. I guess that's a rap guys'.
Emanuel: 'But Mr President, you're supposed to read these guys the riot act'.
Obama: 'Hey, Rahm, we're all friends here. We just needed to have a little meeting, that's all. I can always talk tough afterwards if the pollsters think I should; don't need to be right nasty now, though. Cheers guys. Oh, and Jamie, Tim'll call yer'.
Dimon: 'You bet'.
Obama: 'Good luck with the new job, Bob'.
Kelly: 'Thanks, Mr President, but I think I'm gonna stay where I am'.
Obama: 'Why's that, Bob ?'
Kelly: 'I don't think I'd ever fit into those Bermuda shorts (nodding towards Ken Lewis)'.
Stumpf: 'See you, Mr President'.
Obama (in a whisper): 'Who the hell's that ?'
Emanuel: 'The guy from Wells Fargo'.
Obama: 'Wells Fargo ? That a bank ?'
Emanuel: 'Beats me!'.