President Obama Woos Fat Cat CEOs
EmailIn the White House’s Roosevelt Room Wednesday morning, President Obama met with more than a dozen CEOs of companies ranging from Aetna to Xerox to discuss the economy and the stimulus package being voted upon in the House of Representatives.
The president later described the meeting as "sober."
Afterwards, in the East Room of the White House, the president was introduced by two CEOs whose combined five-year compensation packages total $146.35 million.
Sam Palmisano, Chairman, CEO and President of IBM (five-year compensation package, according to Forbes, $86.12 million) introduced David M. Cote, Chairman and CEO of Honeywell (five-year compensation package: $60.23 million).
Calling the economic situation "dire," Cote said "we are very supportive of the reinvestment act" and that "we can’t let the perfect be the enemy of the good."
Cote then introduced President Obama, who said that "these companies, and the workers they employ, are going through times more trying than any we have seen in a long, long while. Just the other day, seven of our largest corporations announced they were making major job cuts. Some of the business leaders in this room have had to do the same. And yet, even as we discussed the seriousness of this challenge, we left our meeting confident that we can still turn our economy around."
Amidst criticism from Republicans, economists and business groups who question whether this economic stimulus plan will indeed stimulate job growth, the president today insisted that "most of the money we’re investing as part of this plan will get out the door immediately and go directly to job-creation, generating or saving three to four million new jobs. And the vast majority of these jobs will be created in the private sector — because, as these CEOs well know, business, not government, is the engine of growth in this country."
Mr. Obama acknowledged that "some are skeptical about the size and scale of this recovery plan. I understand that skepticism, which is why this recovery plan will include unprecedented measures that will allow the American people to hold my Administration accountable. … Instead of politicians doling out money behind a veil of secrecy, decisions about where we invest will be made public, and informed by independent experts whenever possible."
Afterwards, the dulcet tones of Cole Porter’s "Night and Day" filled the East Room as President Obama shook the hands of the business leaders who had come to Washington, DC, to express their support for his plan.
No lyrics could be heard — just the melody to the song that would otherwise proceed "Night and day, you are the one/Only you beneath the moon or under the sun/Whether near to me, or far/Its no matter darling where you are" — while in the next room, Staff Sgt. Russell Wilson of the U.S. Marine Corps Band tickled the ivories at a tax-payer-financed orange-juice-and-coffee reception awaiting the CEO crowd and their appetites.
– jpt
Sen. DeMint: GOP Race Could Go Until Convention 
Obama Avoids Questions on Contraception Rule
Without Sam P, IBM’s stock would probably drop 15% overnight. Its a little silly to say things like no one is worth $80M, when you can see what even the rumor of Jobs poor health does to Apple.
IBM likes this because there will be a lot of government funded projects to bid on.
But I hope these CEO’s gave Obama an earful about his unhelpful tax plans. Business is not the enemy- which he is slow to come around to.
Posted by: BertieW | January 28, 2009, 12:45 pm 12:45 pm
I like the transition the CEO’s had from exclusivity of the meeting and the elegance of Cole Porter to their bare reception afterwards of orange juice and coffee. That’s a night and day contrast with some poetic justice.
Posted by: kathy | January 28, 2009, 12:48 pm 12:48 pm
Gripe
Posted by: Fox News Light | January 28, 2009, 12:58 pm 12:58 pm
“But I hope these CEO’s gave Obama an earful about his unhelpful tax plans. Business is not the enemy- which he is slow to come around to.”
What business tax is Obama planning to raise?
Posted by: Ryan C | January 28, 2009, 1:18 pm 1:18 pm
jpt writes:
The president later described the meeting as “sober.”
Wonder if He meant that literally. A no-booze edict for WH and government functions would be an austerity measure we could believe in …
Posted by: Blue Fairy | January 28, 2009, 1:21 pm 1:21 pm
Democrats Launch Petition Against Rush Limbaugh After Firing Back at Obama
Democratic Congressional Campaign Committee launches an online petition to express outrage at Rush Limbaugh after he said he wanted President Obama to fail.
~~~~~~~~~~~~~~~~~~
oh my, someone needs to give them something to do, I thought we were in a crisis here and they have time for this petty crap.
But, Gov. Sarah Palin shouldnt be allowed or respected for standing up for her media blasting…dont you really find it funny how the on-the-hill dems just seem to think they can do no wrong these days….Im not a rush limbaugh fan, but hell, come on
it’s a free country, when we have Islamic schools in our own country teaching Jihaed, surly we can let poor rushy speak what is on his mind.
Posted by: so darn spooky | January 28, 2009, 1:21 pm 1:21 pm
Are all articles going to read like the joke’s on the President? Snicker, snicker he’s so stupid for bringing in CEO’s.
More than half the posters believe business is the solution to this crisis, why NOT include them?
Posted by: Mavsreader | January 28, 2009, 1:28 pm 1:28 pm
It’s the cow-towing to business that has produced this disaster. Free trade and the “world economy” have driven this countries economy to the brink, while simultaneously enriching a few CEO’s.
Posted by: Dan | January 28, 2009, 1:29 pm 1:29 pm
“I thought we were in a crisis here and they have time for this petty crap.”
Especially while the “Obama” organization is meeting privately with the Republicans, double-crossing those who voted for him on tax cuts, and eating his words — “stale and fruitless debate” — on condoms in the stimulus bill.
Posted by: Blue Fairy | January 28, 2009, 1:29 pm 1:29 pm
“I thought we were in a crisis here and they have time for this petty crap.”
Especially while the “Obama” organization is meeting privately with the Republicans, double-crossing those who voted for him on tax cuts, and eating his words — “stale and fruitless debate” — on condoms in the stimulus bill.
Posted by: Blue Fairy | January 28, 2009, 1:30 pm 1:30 pm
Wonder if He meant that literally. A no-booze edict for WH and government functions would be an austerity measure we could believe in …
********************************************
Especially after the on and off the wagon episodes of the former occupant.
Posted by: kathy | January 28, 2009, 1:32 pm 1:32 pm
“Especially while the “Obama” organization is meeting privately with the Republicans, double-crossing those who voted for him on tax cuts,”
You didn’t even vote for him.
Stop “pretending” to be betrayed.
Posted by: Ryan C | January 28, 2009, 1:39 pm 1:39 pm
Much better. Needs some work, but at least now U are daring to sound original. Much better. Keep it up!
Posted by: Aha! Gotcha! | January 28, 2009, 1:42 pm 1:42 pm
Leave us cats, fat or skinny, out of it – we’ve got no stimulus in our Zoos from PBO’s stimulation.
Posted by: two cats | January 28, 2009, 1:46 pm 1:46 pm
But, two cats, let’s not assume so quickly there’s to be no further fattening up. Perhaps there’s some potential for Fancy Feast with the infrastructure projects.
Posted by: kathy | January 28, 2009, 2:01 pm 2:01 pm
the debt is already at $10.6 TRILLION,
obama plans to add 8 TRILLION more.
the debt was $6 Trillion when Clinton left office
Bush ran it up to what it is today.
obama will take the level it was at under Clinton and TRIPLE it.
this is insane.
anyone who doesnt believe this is the second coming of ronald reagan and the 3rd term of George Bush is NOT PAYING ATTENTION.
just LOOK at this graph:
Posted by: Holy Smokes | January 28, 2009, 2:14 pm 2:14 pm
“With all that talk about Bush not being very bright, atleast he knows the difference between a window and a door.”
The same guy who tried to go thru a locked door after a press conference because he forgot which side he had entered on?
The same guy who fell off a Segway?
The same guy who almost choked to death on a pretzel?
Posted by: Ryan C | January 28, 2009, 2:25 pm 2:25 pm
“I used to support Barack Obama,”
You also claimed to be PUMA.
Right wingers should just use the screen name Tommy Flanagan.
Posted by: Ryan C | January 28, 2009, 2:27 pm 2:27 pm
Just to note that because of you, Jake, I’m watching ABC News again.
Posted by: PK | January 28, 2009, 2:44 pm 2:44 pm
Until our new fascist overlords pass the Fairness Doctrine. Then our liberal betters can make sure we only get official information from Pravda.
———-
Hahahahaha…good one. Trust me, I live in Seattle and that day has already come. It’s 1984 everyday here.
Posted by: nic | January 28, 2009, 2:45 pm 2:45 pm
“Then our liberal betters can make sure we only get official information from Pravda.”
Free Republic loves Pravda.
And they would know which propaganda to fall for.
Posted by: Ryan C | January 28, 2009, 2:51 pm 2:51 pm
isn’t it strange that when there’s a major war there always seems to be the money for armaments and its organised. and yet in this global recession every ones loosing money and its very disorganised.it just makes you wonder who’s running the world.
Posted by: bob | January 28, 2009, 2:56 pm 2:56 pm
Obama may be the best Political Parlor Game player since FDR. His Oracle is a simple win/win philosophy. …………..
Posted by: Ohg Rea Tone | January 28, 2009, 3:16 pm 3:16 pm
I guess we’ll never find out what happened to the missing $69 billion unaccounted for in Iraq. Why Halliburton received no-bid contracts and charged our troops $8/bottled water. I’m glad Republicans are watching the nation’s purse with a keen eye. We wouldn’t want to increase the deficit 10x again.
Posted by: JV | January 28, 2009, 3:21 pm 3:21 pm
BertieW: You are wrong about business not being the enemy, that’s exactly who the enemy is. Not the small businesses that still remain the backbone of this nation, but Global corporate business who has concentrated power in the hands of a few who ran amok with global financial markets and stripped this nation of vast wealth, now cubbyholed in off shore accounts to be used at their whim, wealth that certainly hasn’t been reinvested in America. If you don’t believe me, spend a little time exploring “The Business Roundtable”, an organization established in 1972 that has wielded unprecedented influence over the Bush administration as well as preceding administrations and are largely responsible for charting the course to our present day malaise.
Posted by: devilkev | January 28, 2009, 3:22 pm 3:22 pm
I used to be a Palin supporter, but that was before I learned about Levi’s mom doing and dealing Oxycontin. Did you hear about her red shoes being auctioned off for thousands today?
Sarahcrat for Obama
Posted by: kathy | January 28, 2009, 3:37 pm 3:37 pm
So, the auto industry, big banks, financial institutions – most run by Ivy League summa cum laudes; who have mismanaged their organizations, incurred mammoth debts, debts – will receive billions of tax payers’dollars. The reasoning, we are beiing told, for this (once again) bailout, is so these institutions can create credit for the masses; meaning, it will be easier for us small people to borrow beyond our means … just like these institutions did … The irony, though, is, instead of us being bailed-out, we will be “kicked-out” of home, car, college, or whatever/wherever we can no longer make the payment.
Posted by: Selbama | January 28, 2009, 4:33 pm 4:33 pm
“Global corporate business who has concentrated power in the hands of a few who ran amok with global financial markets and stripped this nation of vast wealth, now cubbyholed in off shore accounts to be used at their whim, wealth that certainly hasn’t been reinvested in America. ”
Frankly I wish my money was cubbyholed in off shore accounts. I have paper loss of $190K since Obama was elected. I wouldnt worry so much about that but he has plans for the rest of my savings.
You are right that corporations dont have much incentive to reinvest stateside. I blame SOX, but thats only my first hand opinion.
Posted by: BertieW | January 28, 2009, 4:51 pm 4:51 pm
we must stop corparate greed.
Posted by: T | January 28, 2009, 5:27 pm 5:27 pm
hey bertiew i lost my job of twenty years my house and my life savings why bush was president…grow up
Posted by: T | January 28, 2009, 5:33 pm 5:33 pm
Why isnt Bush in Jail?
Posted by: hhkeller | January 28, 2009, 6:44 pm 6:44 pm
Why aren’t all politicians in jail?
Posted by: LaughingCynic | January 28, 2009, 8:22 pm 8:22 pm
> Fat Cat CEOs
Sorry, ABC, your bias is showing. Since CEOs are parasitic “fat cats,” where are all the more-profitable companies without them?
Posted by: Michael R. Brown | January 28, 2009, 9:53 pm 9:53 pm
Can someone provide a list of the CEOs that came to the Whitehouse?
Posted by: LarryG | January 28, 2009, 10:02 pm 10:02 pm
Thank god this guy’s president. I hate to think what McCain would be doing.
I can’t help but think he would be doing absolutely nothing. Or atleast not nearly as much.
Posted by: keredte | January 28, 2009, 10:59 pm 10:59 pm
This sounds like something George Bush would have done. He should be putting these greedy jerks in prison, not wooing them. We criticized Bush for doing this, so let’s criticize Obama for doing this.
Posted by: Angelo | January 29, 2009, 7:47 am 7:47 am
Corporatism. They now own us. And I’m all for capitalism. Big business has gotten “too big.” They are now holding us hostage. One would think all of their salaries would take a hit at this point – considering they’re not really earning what they pay themselves. I’d have no trouble listening to these pay packages if I felt they earned them.
Posted by: Susan | January 29, 2009, 7:50 am 7:50 am
Every plant that the USA once had should be retooled and put people back to work.
Instead of Pork, including ACORN, Obama calls stimulus, the money could have been used to retool and reinstate USA manufacturing plants.
China manufactures and imports almost every article we use — thank God that I need very little, because I don’t wish to buy from China or Mexico, especially any food products!
For the first time, I am glad that I am elderly so that I won’t be a long term witness to the further demise of my country due to politicians and greed!
Posted by: Scarlett | January 29, 2009, 8:13 am 8:13 am
In Sept, gas prices were over $4.50/gal.
By the end of 2008 gas prices were below $1.75/gal.
That’s more than $2.75 for each gallon of gas sold in the U.S., (not to mention the mark-up of oil), was going into SOMEBODY’s pocket.
It doesn’t cost any less to pump the oil out of the ground – or to ship it – or to refine it.
Why isn’t this being investigated?
Now the price is going up again! The media is feeding us the same lame reasons for increases they made us swallow the first time around that allowed the prices to go up to the over $4.50 mark. THE MEDIA should be calling for investigations.
The sky high gas and oil prices were manipulated just like the electric prices were fixed in California’s energy’s crisis.
The biggest boost to the economy, reciently, has been the lower gas prices. It allows people to have money to pay their bills, and maybe even go out shopping.
Posted by: Sam Dadog | January 29, 2009, 9:49 am 9:49 am
You know, this country seems to have gotten in trouble about the same time these CEO’s started pulling in millions in pay and bonuses, Putting a huge strain on the profit margins on these company’s. I think this country is going to find out that most of these company’s are basically no batter than Madoff, they are all pretty much ponzi schemes that have un realistic profit expectations just to pay these bonuses and salaries. These guys have stolen the future’s of million of Americans for personal gain. And our government has let them. Obama should have sat these criminals down and chastised them. Instead he only rewarded them. Our government needs to disband and restructure. Cause the way it is now, Is not working. They have no clue what ” Working With A Budget ” truly means. So whats next ? A dinner to honor all the murder’s for keeping the general population down ?
Posted by: Mustache Outlaw | January 29, 2009, 9:52 am 9:52 am
Reinvestment Act my butt! “spend spend spend the dems way to socialism” is what it shoudl be called!
It is sad but true. Americans were so hungry for change we went right out and got ourself a president who teaches and preaches BIG GOVERNMENT WILL SAVE US!
if government really wanted to help they would give us a tax holiday! but then millions would see what they would actually get if the government got nothing!
Posted by: Deegie | January 29, 2009, 2:06 pm 2:06 pm
These are the same CEO’s that are sending the USA jobs to India, China, Mexico and refusing to hire in the USA.
Posted by: Gigi | January 29, 2009, 3:17 pm 3:17 pm