Wall Street Insider: "The President Was…Just An Empty Shell"

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Ulsterman:  I appreciate your willingness to finally do this interview.  You come highly recommended.

 Wall Street:  So do you.  I’m not certain I would say the same for our mutual acquaintance though. (smiles)

Ulsterman:  Just to give a snapshot for our readers, can you tell me how long you have been involved with Wall Street – and at what level?

Wall Street:  I don’t wish to be too specific, as we agreed, right?  That said…a long time.  It’s been quite a few years.  I have seen a number of administrations come and go, a lot of regulations sent our way, many good friends pass on, and a few others are still with me hanging on these days.  I love my work, and…I love this country.  I want to make that very clear.  Wall Street gets a lot of flack…it’s been very bad in recent years.  The kind of – how we have been portrayed.  It’s not accurate. Not at all.  I work with some of the best and brightest.  People who work hard, raise their families, send kids and grandkids off to college.

Ulsterman:  The Obama administration has not been too kind to Wall Street – at least not how it is portrayed.

Wall Street: Sure, we are an easy target.  The current president isn’t the first to use us as a political punching bag and he won’t be the last.  It comes with the territory.

Ulsterman:  But wouldn’t you say this particular administration has been more aggressive against Wall Street?  Much more aggressive?

Wall Street: (pause) Yes. Yes they have.

Ulsterman:  Why is that?  Why has the Obama administration been so tough on Wall Street? Banks?  Investment institutions?

Wall Street:  Politics.  Same old game.  Nothing new really – just the…intensity of it.  This administration is more intense in how it goes about it.  The anti-Wall Street tactics.  The thing is, Wall Street has done all right since the president – President Obama, has come into office.  We have done far better than main street.  It has proven a challenge in this environment, but we’ve managed.

Ulsterman:  The fact you say you’ve done “all right” – has that been because of or in spite of Obama?

Wall Street:  The president you mean?  President Obama?

Ulsterman:  Yes…the president.  Barack Obama—

Wall Street: (interrupts) I prefer to keep things as respectful as possible.  He is the President of the United States. My president.  Your president. Our president.  We may not agree with everything he has done, or not done but…I am not going to demean the president as others do.  As you have done.  I don’t want to be a part of that kind of thing.  I’ve shaken the hands of five presidents in my life, and I have shown absolute respect for them and the office they hold each and every time.  I will not change doing so.

Ulsterman:  Are you a Democrat?

Wall Street:  I don’t see what…no – I wouldn’t call myself a Democrat necessarily.  Or anything else.  I prefer to think of myself as…educated.  Informed.  I value the merits of the individual – not their political affiliation.

Ulsterman:  Did you vote for Barack Obama?  Fundraise for him?

Wall Street: I don’t intend to answer that.  We discussed this.  That has nothing to do with this – or my current…my current opinion of President Obama’s job performance.

Ulsterman:  Which is what?  What opinion do you have of the presidents’ job performance?

Wall Street:  I am not in agreement with what the president…what his people…the administration…those in the administration – what they have done.  Or how they have gone about doing it.  I believe that the Obama White House is doing terrible harm to the American economy.  Whether it’s intentional or not, I don’t know.  I don’t want to believe anyone in that kind of position would ever do such a thing intentionally…but if you want to hear my say I don’t agree with this administration – fine.  I don’t.  I am very-very concerned.

Ulsterman:  If the harm you say the Obama administration is doing to the economy is not intentional, what would you call it?

Wall Street:  Incompetent.  And it wouldn’t be the first time I used that term in applying it to an administration.  The one before was not much better you know.  How much money has been wasted on those wars?  How many lives?  How much added government waste?  How much—

Ulsterman(interrupts) I want to stick with the current administration.  If that’s ok with you.  How incompetent would you rate Barack Obama – President Barack Obama, and his administration regarding its impact on the American economy?

Wall Street:  Bad.

Ulsterman:  How bad?

Wall Street:  Bad…very bad.  I have seen very little come from them to suggest they understand what they are doing.  The talk of higher taxes?  Printing more money?  The silly short-term incentive programs?

Ulsterman: Incentive programs?

Wall Street:  Sure…such as…Cash for Clunkers.  That was madness.  Billions of dollars to shift previous months sales to another months sales?  What was that?  And the removal of cars from the road to the scrap heap?  That made no sense.  None.  Any way you crunch those numbers…it made no sense.  I don’t know who cooked that up, whether it was someone inside the administration, someone from the car companies…the unions most likely…it was madness.  And what was done to the bond holders…(trails off)

Ulsterman:  Explain that please – the bond holder deal.  You’re speaking about General Motors? 

Wall Street:  Yes!  That’s right – that deal…that horrible-horrible deal.  Pennies on the dollar.  Take it or leave it.  The threats leveled against the bond holders, the management firms…it really shook us up.  All of us.  Every one of us who work in this environment – the government just came in and for all intents and purposes, took over.  The law be damned.  The bond holders were pushed aside – illegally mind you, totally without legal basis… and the keys to that company handed over to the labor union.  I am going to remain calm…trying to remain – respectful…but what happened at that time was…it should have never happened.  Never.  Not in this country.  Venezuela perhaps – but not here.  That equity conversion was a farce. The default swaps…they were rightfully in line.  The law – in court the law would have been on their side. They walked those poor people out onto the plank.  I’ve seen those tactics done before, but never by the United States Government.  Not on that scale.  Never.  And what that deal did – the auto bailout…it wasn’t a bailout though.  It was a takeover.  That scenario sent tremors throughout the entire financial community of this country…and the world.  All of us – well I can’t speak for everyone of course…but every single one I know of, we were left stunned.  And then afraid.

Ulsterman:  Afraid of what?

Wall Street:  That’s just it – of what?  At that point we didn’t know what else might be coming from this administration.  What it was capable of doing next.  Wall Street went into duck and cover mode – the exact opposite thing you want to see happen during a recession.  It’s a big reason why – it might be the reason why we are still not recovering like we need to be.  Everybody remains afraid. 

Ulsterman:  Afraid of the president? Of his administration?

Wall Street: (pause) Yes.

Ulsterman: A bit off the path here – but would you consider Wall Street to be more liberal than conservative in its politics?

Wall Street:  I can’t speak and I won’t speak for anyone but myself.

Ulsterman:  But you already have – you just said “everybody remains afraid.”  You were speaking for your colleagues then, right?

Wall Street:  Uh-Huh… I did say that…but I meant in my experience.  What I have seen. What I have heard.

Ulsterman:  Certainly – that is fine.  So based on what you have seen, would you consider Wall Street more liberal or conservative in its politics?

Wall Street:If you’re trying to ask if Wall Street voted for Barack Obama for president – is that what you’re getting at here?

Ulsterman:  That’s fine.  You can put it that way – if you can answer that question.

Wall Street:  Yes…I believe most people who I associate with professionally did support Barack Obama for president.  Wall Street tends to be…it is based in New York after all.

Ulsterman:  Liberal?

Wall Street:  Pardon?

Ulsterman:  Liberal?  Wall Street tends to be more liberal in its politics?

Wall Street:  Wall Street – in my experience…Wall Street…yes, Wall Street tends to be more liberal.  People tend to favor Democrats over Republicans.  I think that would be a pretty accurate assumption.

Ulsterman:  So…do you see Wall Street helping to re-elect President Barack Obama in 2012?

Wall Street:  Absolutely not.  There may be a few institutions that have curried favor with the administration…but for the most part – no.  Speaking for myself – absolutely not.  I will not vote for, I will not contribute to in any way, a second term for President Obama.  One is enough.

Ulsterman:  So you did vote for him in 2008…

Wall Street:  (smiles)

Ulsterman:  Care to answer that?

Wall Street:  No. 

Ulsterman:  Was it the auto bailout that confirmed that decision?  Or something else?

Wall Street:  That was certainly part of it.  That might have been enough right there, yes.

Ulsterman:  But there is more – something else that turned you against the president?

Wall Street:  I never said I turned against the president.  I never said that.  I said I would not support him in 2012.  In any way.

Ulsterman:  Yeah – you’re right.  That is what you said.  So what else besides the auto bailout helped you to come to that decision?  To not support President Obama’s re-election in 2012?  “In any way” as you just put it?

Wall Street:  Lots of things.  Policies.  Taxes.  Deficits.  The anti-business tone.  All of it. 

Ulsterman:  I was told you know about a meeting – a business roundtable that President Obama attended that—

Wall Street: (interrupts) –name withheld- told you about that?  I wasn’t aware you were told.  That was a while back.  That meeting…

Ulsterman:  Were you there?  The roundtable?

Wall Street:  (silence)

Ulsterman:  Were you there?

Wall Street:  I don’t – I’m not going to answer that. 

Ulsterman:  Can you tell me about the meeting?  What you saw regarding President Obama?

Wall Street (pause)  Yes…that I can do.  No specifics as to location, time, or who was there.  A very general summary.  I am willing to do that.

Ulsterman:  That is fine – just concentrate on President Obama.  What you saw of him.

Wall Street:  And Jarrett – Valerie Jarrett was there too.

Ulsterman:  Yes – tell us about it.  What you saw.  The impression it made on those who were there.

Wall Street:  The president arrived just a bit late.  He looked good.  Fit.  The man is in great shape.  Lots of smiles.  Handshakes.  A charming gentleman.  Excellent eye contact.  He worked the room amazingly well – nothing like some of the descriptions I have read from you.  The president came off just as he should – like the President of the United States.  Impressive.  Every bit of him – impressive.  Not old looking.  Not too thin.  Not stuttering.  Just impressive.

So after the handshakes, the small talk, the photo taking, everyone sits back down to begin the actual discussion.  I won’t say what the discussion was on, who said what – just going to keep this about the president and Valerie Jarrett.  How that meeting turned…odd.  It became very-very odd.  And I know quite a few people walked out of that place feeling the exact same way.

Ulsterman:  Good – explain what was odd.  What happened?

Wall Street:  Others spoke – spoke to the president.  That was the format.  After the initial formal introductions.  They spoke, and he listened.  At least he appeared to listen.  For awhile.

Ulsterman:  Awhile?

Wall Street:  Yes – awhile.  There came a time when he seemed to lose focus.  You could see…it appeared the energy just left him.  Like he wasn’t the same person who had walked into the room just 30 or 40 minutes earlier.  He…President Obama, he just seemed to shrink up into the chair.  And he started to look down at his watch.  Repeatedly.  Eyes were starting to glance back and forth at each other – people communicating to one another what everyone was noticing – how the president, mentally, seemed to have “left the building”.  Well, now it was the president’s turn to speak.  To give some of his own input and reaction to what others had been saying. He didn’t stand up.  He didn’t even straighten up in his seat.  President Obama just turned to his left and said, “Valerie?” 

Ulsterman:  Valerie?  That’s it?  That’s all he said?

Wall Street:  At that time – yes.  He turned to Valerie Jarrett, and then Ms. Jarrett proceeded to explain the president’s positions.  But the president was sitting right there.  It was surreal.  She would qualify everything with, “What the president believes is”, or “what the president hopes to accomplish is” – and that went on for a good 10 minutes.  The president didn’t say a word – it was all…everything was said by Valerie Jarrett.

Ulsterman:  And how did the meeting end?

Wall Street:  That was very interesting.  When it was clear the meeting was concluded, the president came back to life.  It was like somebody plugged him back in.  I am not…there is no exaggeration in what I’m telling you here.  Possibly just the opposite.  All at once he looked tall and strong, working the room again, smiling, clapping backs, and then he was gone.  The word – I used it already, but the word I keep coming back to is surreal.  The president was two entirely different people in the span of an hour.  One was the President of the United States and the other was…the other was just an empty shell…

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PART TWO OF THIS INTERVIEW COMING SOON

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