When Obama confronted the bank CEOs on March 27 the atmosphere was frosty. But he had summoned them to Washington not to punish them but to remonstrate with them. He appealed to the bankers to show restraint in their compensation and bonuses. “Help me help you,” the president pleaded. When several of the CEOs offered the customary justifications for their exorbitant compensation—their businesses were large and risky; they were competing in an international talent pool—the president interrupted in exasperation: “Be careful how you make those statements, gentlemen. The public isn’t buying
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