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Robert Reich

New era of cooperation between White House, big business

Two years ago, bankers visited the White House to talk about a bailout. Last year, President Obama met with bankers to discuss improving the economy. What will today's meeting discuss?

By Guest blogger / December 15, 2010

President Obama (R) speaks with banking industry leaders in Washington in December 2009. Clockwise around the table: American Express CEO Kenneth Chenault, State Street CEO Ronald Logue, Bank of NY CEO Robert Kelly, White House Council of Economic Advisers Christina Romer, JP Morgan CEO Jamie Dimon, PNC Financial Services Group CEO Jim Rohr, U.S. Treasury Secretary Timothy Geithner, and Mr. Obama.

Larry Downing / Reuters

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Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., praises the President’s agreement with Republicans to extend the Bush tax cuts.

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“If we’re going to strengthen our economy and grow jobs, this type of outreach — and cooperation between the administration, Congress, and the private sector — are critical,” says Dimon.

Dimon met last week with the President. Thirty other CEOs are meeting with him today.

Dimon’s compensation over the last three years has averaged $21,991,394 a year. The tax deal agreed to between President Obama and the Republicans will give Dimon and extra $1,179,000 next year, according to an analysis by Citizens for Tax Justice.

The bank Dimon heads was also the beneficiary of the giant Wall-Street bailout of 2007 and 2008. JPMorgan Chase & Co, along with other Wall Street banks, also poured millions of dollars into a lobbying campaign to water down the financial reforms Congress considered earlier this year.

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The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. This post originally ran on www.robertreich.org.