Washington Outsider Jarrett Serves as Obamas Wall Street Envoy
While the other diners chatted about events back home, the president seemed out of sorts after the auto talks, which came days before the administration rejected the carmakers recovery plans last month and forced GM Chief Executive Officer Rick Wagoner to resign. One person knew why: senior adviser Valerie Jarrett, who was at Obamas side in both places.
“Its probably helpful to have a friend who really knows what youre going through,” Jarrett, 52, whose relationship with the first family goes back 18 years, said in an interview.
Jarrett, who calls Obama “Mr. President” in the offices of the West Wing and “Barack” in the privacy of the East Wing, came from Chicago with a portfolio of power as personal as it is political. That may give her more clout with the first family than any other White House aide.
She was the one who called Michelle Obama to tell her the president had taken off safely from Baghdad after his surprise visit last week. She also represented the new administration at this years World Economic Forum in Davos, Switzerland, organized a meeting with bank executives at the White House, and attends Obamas daily economic briefings.
“Hes got someone who he knows has his back and is operating only in his interests,” said John Podesta, who was co-chairman of the presidential transition team with Jarrett. “If theres a consigliere in the White House, its Valerie,” said Podesta, former chief of staff to President Bill Clinton.
Connecting With Executives
Jarrett, a onetime aide to Chicago Mayor Richard Daley, has focused on reaching out to the business community. She regularly speaks with executives of New York-based financial companies such as Kenneth Chenault, chief executive officer of American Express Co.; Richard Parsons, chairman of Citigroup Inc., and Jamie Dimon, CEO of JPMorgan Chase & Co., as well as to Robert Iger, CEO of Burbank, California-based Walt Disney Co., to “pick their brains” about the economic crisis.
“Im hoping they feel as though theyre talking to somebody who appreciates their situation, even if I dont always agree with their perspective,” she said.
Jarrett, a former CEO of a Chicago real estate company, has navigated corporate boardrooms and Chicagos rough and tumble City Hall. Shes leveraging that background and her link to Obama to engage with voices from outside the White House.
Unassuming, guarded and loyal to the Obamas, Jarrett is praised by executives who understand the influence she has with the president. In interviews, Dimon, 53, called her an “honest broker,” Chenault, 57, said shes a “tremendous asset” to the president, and Parsons, 61, said shes humble, graceful and “pleasant to deal with.”
Testing Her Influence
“Personal friendship from my experience is great, but it only goes so far,” Fleischer said. “It is a place of business.”
Still, Jarretts long ties to both Obama and his wife establish her as the presidents eyes and ears, positioning her as a counterweight to other senior advisers, David Axelrod and Pete Rouse, as well as Chief of Staff Rahm Emanuel. While they have first-floor offices surrounding the Oval Office, Jarretts sunny, second-floor West Wing office defies the adage that proximity equals power.
Her brief extends beyond policy to providing the first family personal perspective and advice, said Michael Strautmanis, Jarretts chief of staff.
Ignoring AIG Furor
With her subdued demeanor, Jarrett can insert herself in almost any issue, administration officials say. She successfully advocated for last months meeting with bankers when other advisers said they should wait for the furor over bonuses at New York-based American International Group Inc. to die down.
A few weeks ago, she began attending the presidents daily briefings along with Treasury Secretary Timothy Geithner and chief economic adviser Lawrence Summers.
“Valerie is the one person down there who can get some of those competing ideas and different perspectives into the president, which is really what he wants,” said Citigroups Parsons.