John Heilemann has a really comprehensive piece in New York magazine which analyzes the relationship between the White House and Wall Street CEOs.
And making the headlines is this great quote from an unnamed CEO of one of Wall Street's biggest firms: 'It was like the White House said: 'OK, we lost Massachusetts, health care is screwed, so let's go after Wall Street. And for a lot of Wall Street people, like me, it was like, OK, first you slap us in the face, now you kick us in the balls. Enough is enough. I mean, we're done'.
The conflict between the White House and Wall Street, of course, endures. And summing up the conflicting views held by these groups is two great quotes from Heilemann's article.
'They've (Wall Street) created a narrative where irrational actions by a few people plus the nature of government intervention forced them to do things inconsistent with their free market philosophy.......So, yes, they took the TARP money but only because they had to. None of them are sitting there saying to themselves, 'You know, I was responsible for this crisis. Therefore, I'm really grateful to the government that it stepped in'. This is not the narrative they have in their heads'.
Unnamed 'Democratic financier'
'The majority of Wall Street thinks, 'Hey, you lent us money. We did a trade. We paid you back. When you had me down, you could have crushed me. You could have done whatever you wanted. You didn't do it! So stop bitching and stop telling me I owe you, because I already paid you everything! The fact that I'm making money now is because I'm smarter than you! ' In simple human terms, the government is saying, 'I saved your life, and all you did was thank me once. You should be calling me every day: Thank you. Thank you'. The guy who saved the life expects more. And the guy whose life is saved says, 'I already thanked you!'.
Unnamed hedge fund manager
To read the complete article, go to: