Rahm Emanuel to Meet at Special JP Morgan Board of Directors Meeting

The New York Times reports:

Jamie Dimon, the head of JPMorgan Chase, will hold a meeting of his board here in the nation’s capital for the first time on Monday, with a special guest expected: the White House chief of staff, Rahm Emanuel.

Mr. Emanuel’s appearance would underscore the pull of Mr. Dimon, who amid the disgrace of his industry has emerged as President Obama’s favorite banker, and in turn, the envy of his Wall Street rivals. It also reflects a good return on what Mr. Dimon has labeled his company’s “seventh line of business” — government relations.

The business of better influencing Washington, begun in late 2007, was jump-started just as the financial crisis hit and the capital displaced New York as the nation’s money center. Then Mr. Obama’s election brought to power Chicago Democrats well-known to Mr. Dimon from his recent years running a bank there.

One of them is Mr. Emanuel, who has accepted the invitation to speak to the board pending a review by the White House counsel. The Treasury secretary, Timothy F. Geithner, declined out of concern that he would be seen as too cozy with a company that has numerous business issues before the department, an administration official said.

Rahm Emanuel, former Freddie Mac board member and Daley machine hack, getting cozy with TARP recipient JP Morgan Chase. For a look at how the House of Morgan financed the Bolshevik Revolution from 23 Wall Street and 120 Broadway, in New York city read this.