From the FINANCIAL TIMES:
In a tense meeting early in his presidency, President Barack Obama told a group of bankers that his administration was the only thing standing between them “and the pitchforks”. It was a stark warning of Americans’ anger at Wall Street.
Nearly two years and one disastrous election later, Mr Obama’s decision to tap William Daley, a longtime political ally who serves as a senior executive at JPMorgan, one of the largest banks in America, is a potent symbol of just how far the political landscape has shifted since Mr Obama took office.
While the administration has sought to portray November’s election rout as a failure by the White House to coherently communicate its policies to voters, the choice of Mr Daley, a centrist Democrat and former Clinton administration official, is expected to herald a broader political shift from the left to the centre. It is also expected to help Mr Obama mend his relationship with those in the business community who have criticised the White House’s anti-business rhetoric and regulatory policies…
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