Tracking Jamie Dimon's Influence or Why Goldman Sachs May Be Dead Meat

On Wednesday, President Obama hosted a lunch at the White House. Among those attending the lunch were Treasury Secretary Geithner and Jamie "The President's Favorite Banker" Dimon.

This afternoon,Treasury Secretary Geithner will meet with Dimon, at the Treasury. Lloyd Blankfein eat your heart out. It is difficult not to think the unspoken purpose of today's meeting is to draw up the President's new financial proposal in a way that protects and benefits Dimon's bank, JP Morgan Chase, yet rips the MF heart out of Goldman Sachs.

My sources at Goldman appear to be exactly on track in thinking that it was a major error and arrogance by Blankfein when he didn't get his butt down to White House when the President called a sitdown, a few weeks back. Blankfein's official excuse was fog land locked him in NYC. But as Simon Johnson has pointed out, if Blankfein seriously wanted to make the effort to get to Washington, it was entirely doable, fog or no fog.

Among Johnson's conclusion as to possibilities why Blankfein, John Mack, and Dick Parsons didn't really show, Johnson lists the BIG DISS:

Wilful defiance of the government which, while not premeditated in this instance, means that the executives grabbed an opportunity to show disrespect and relative power.

If Obama is buying this, and rest assured Obama is enough of a blogger junkie to know this theory is out there, then Goldman Sachs is dead meat.

The Chicago homeboys, Obama and Dimon (who managed to get to DC for the sitdown) are carving up Goldman and Blankfein's butt the way another Chicago homeboy, Richard Sandor, explained at a Michael Milken conference how it is done in Chicago:

In Chicago, we say, if you are not at the table, you are on the menu.

Blankfein is not only at the wrong table, he is in the wrong city.