Lloyd Blankfein Got What? (GS)

Goldman Sachs GS CEO Lloyd Blankfein received an invitation to the White House while Chinese President Hu Jintao is meeting with President Obama to discuss economic matters between the two countries. Inviting Blankfein is a sign that the White House is becoming more pro-business, and friendlier towards Wall Street, despite the transgressions Goldman Sachs has had this past year, including the SEC fine and the Abacus issue. Goldman Sachs has a long history with the Chinese on economic matters, including mergers and acquisitions, as well as initial public offerings for Chinese companies. “The Administration appears to have softened what was seen as its anti-business stance,” said one Wall Street executive who asked to remain anonymous. “Goldman Sachs (also) has a very significant presence in China built from the ground up over many years.” “President Obama will highlight the importance of increasing exports to China, a key part of our National Export Initiative, and of increasing investment in the United States -- both critical to supporting millions of American jobs,” the White House said. Blankfein is one of 14 American executives attending the meeting. Microsofts' MSFT Steve Ballmer, General Electrics' GE Jeff Immelt, Duponts' DD Ellen Kullman, Boeings' BA Jim McNerney, and Intels' INTC Paul Otellini will also attend. Four Chinese executives will attend the meeting as well. HSBCs' HBC non-executive chairman John Thornton is the only other financial services representative at the meeting.