Ronald Logue, chairman and CEO of State Street Corp. in Boston, is among the banking chiefs meeting today with President Obama as he tries to build support for his administration's latest rescue plan to help banks divest "toxic assets," bad investments that are tying up capital and making it difficult for them to lend money.
Treasury Secretary Timothy Geithner, who also unveiled proposals Thursday for tighter regulations of the financial sector, is also at the meeting, which comes days before Obama attends his first international summit, the G-20 Thursday in London.
According to the White House, Obama wants to "reiterate his belief that getting the economy back on track will require an understanding that each of us must look beyond our own short-term interests to the wider set of obligations we have to each other in order for America to succeed."
The others in attendance at the closed meeting, according to the White House: Jamie Dimon, JP Morgan Chase; Ken Chenault, American Express; John Koskinen, Freddie Mac; Robert Kelly, BONY-Mellon; Rick Waddell, Northern Trust; James Rohr, PNC; Lloyd Blankfein, Goldman Sachs; John Mack, Morgan Stanley; Vikram Pandit, Citi; John Stumpf, Wells Fargo; Cam Fine, Independent Community Bankers; Edward Yingling, American Bankers Association; Richard Davis, US Bank; and Ken Lewis, Bank of America.
UPDATE: Besides the toxic assets and tighter regulation, Obama and the bank executives also discussed the administration's plan to stem the rise in home foreclosures, executive pay, and the financial bailout program, White House spokesman Robert Gibbs said afterwards.
"The president emphasized that Wall Street needs Main Street and Main Street needs Wall Street," and "that he had no agenda beyond working to get a solution, the right solution for our financial system and to get it stabilized and working again for the American people," Gibbs said during his daily briefing.
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