A year and a half ago, President Barack Obama had no kind words for Wall Street. However, as he enters his re-election campaign, the President begins by courting the very people he called “fat cats.”
“A few weeks before announcing his re-election campaign, President Obama convened two dozen Wall Street executives, many of them longtime donors, in the White House’s Blue Room,” The New York Times reported. “Mr. Obama, who enraged many financial industry executives a year and a half ago by labeling them ‘fat cats’ and criticizing their bonuses, followed up the meeting with phone calls to those who could not attend.”
While Republicans hoping to capture the GOP nomination are busy traveling to various battleground States to court voters, members of Obama’s team traveled to New York to court Wall Street.
“Mr. Obama will return to New York this month to dine with bankers, hedge fund executives and private equity investors at the Upper East Side restaurant Daniel,” the article read.
“The first goal was to get recognition that the administration has led the economy from an unimaginably difficult place to where we are today,” Blair W. Effron, an investment banker closely involved in Obama’s fund-raising efforts, told the paper. “Now the second goal is to turn that into support.”
An unnamed Democratic financier told the paper “it was ironic that the same president who once criticized bankers as ‘fat cats’ would now invite them to dine at Daniel, where the six-course tasting menu runs to $195 a person.”