Geithner Tries To Heal Obama's Open Wound With Wall Street

According to a report from FOX Business Network's Charles Gasparino, Treasury Secretary Timothy Geithner has began an initiative to assure the big banks on Wall Street that the current administration is not out to get the business world.

The report from Gasparino citing knowledge of senior corporate executives associated matter, said that the effort by Geithner is designed to temper the criticisms from Wall Street CEOs that believe President Barack Obama is waging war on banks and American businesses.

Senior executives that had supported Obama in the past are now lashing out against the President’s policies.

JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon, who has supported Obama, recently came out against the President for his push for financial reform and the administration’s agenda of higher spending, as well as the new regulations in the health care industry.

The move looks to be a plan to regain some of the support from the big banks that had helped Obama get elected in 2008, which has slipped recently. Wall Street had overwhelmingly supported the Democratic party to help get Obama elected, but banks are now more-or-less splitting their campaign contributions between Democrats and Republicans for mid-term elections.

On Tuesday, Gasparino reported that Goldman Sachs Group Inc. (NYSE: GS) had put a moratorium on campaign spending until such a time when the financial reform bill is passed.

"Geithner has been working the phones telling business leaders that Obama doesn’t hate them because the administration is feeling the backlash and realizing that bashing corporate America is undermining the recovery," said one senior executive at a major bank told Gasparino. "But the damage may already be done."

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