Is your firm a FOO -- Friend Of Obama? If you work at Goldman Sachs, JPMorgan, or Wells Fargo, the answer is no.
The CEOs of these firms were among the Wall Street bigwigs that did not manage to score an invitation to what for some may be the hottest party of the year: President Obama signing the Wall Street reform bill into law yesterday, according to the Washington Post.
No, the invitations did not get lost in the mail. "If you were part of an effort to spend millions of dollars opposing the legislation," you were unwelcome at the "celebration," said Jen Psaki, the deputy communications director at the White House.
The message is clear. The snubbed firms (and their employees) shouldn't expect an amiable relationship with the administration. It also raises the question will it have a trickle-down effect on regulators?
Morgan Stanley's James Gorman was invited, but could not attend as he was on the firm's quarterly earnings call, according to a company spokesperson.
Citigroup CEO Vikram Pandit, however, is in Obama's good books, having supported the passage of the reform during mounting Republican opposition. It's been quite a month for him, having been picked Banker of the Year a few weeks ago, and now this.