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Wall Street Goes to Washington

November 28, 2012

[ by Melanie Gretchen ]

President Barack Obama will meet Wall Street head-on when Goldman Sachs's Lloyd Blankfein, among a dozen top U.S. CEOs, will meet America's chief executive today.  The objective of the meeting: to put pressure on Congress to raise taxes on the wealthy while extending tax cuts for middle-income Americans.

Besides Mr. Blankfein, in attendance will be members of the Campaign to Fix the Debt, founded by President Bill Clinton's onetime Chief of Staff Erskine Bowles and former GOP Sen. Alan Simpson. This includes:

  • General Electric: Jeff Immelt
  • Aetna: Mark Bertolini
  • American Express: Ken Chenault
  • Dow Chemical: Andrew Liveris

After the meeting, Mr. Blankfein and others will meet Republican Congressional leaders.  CNBC writer John Carney said, "This is important because being a chief executive in a time of divided government requires that you play the part of a pawn for both sides of the board."

It will not, however, Mr. Carney said, alleviate those who might benefit from taxes on the wealthy.  Despite Mr. Blankfein's assertion that the government’s revenue burdens will disproportionately fall on the wealthier people, Mr. Carney is "sure that Goldman has absolutely no plans to offer its clients tax-sheltered investment vehicles to help avoid those falling burdens."

 

For further details, go to [CNBC, 11/27/12]. and [SFGate, 11/3/12].