NEW YORK — President Obama is on a mission to win back the allegiance of his most vital sources of campaign cash. A few weeks before announcing his re-election campaign, Obama met with two dozen Wall Street executives to get their thoughts on how to speed up the economic recovery.
During the meeting, which lasted over an hour, Obama opened the floor to discuss hot topics such as hedge fund regulation and the deficit. But the true agenda of Obama’s roundtable discussion was to reportedly assuage financial executives, who were enraged by comments made by the president over a year ago, labeling them “fat cats” in a criticism of their bonuses.
The event, organized by the Democratic National Convention, tried to convince Wall Street that his policies have helped bring banks and financial markets back to health.
The New York Times Reports:
The president’s top financial industry supporters say they are confident that the support Mr. Obama needs will ultimately be there, despite the financial industry’s unhappiness over his efforts to tighten regulation of their businesses. But it is clear that those supporters will have to work much harder to win over the financial services industry than they did in 2008, before Wall Street’s bust, the subsequent clashes over policy and the sometimes bitter personal differences that lingered afterward.