When Presidents Clash With CEOs

Historian Tevi Troy, a Washingtonian contributing editor, has a new book, The Power and the Money, that explores clashes between the CEOs of major companies and US Presidents. Here he offers a preview of some of the encounters.

Roosevelt vs. Rockefeller

In 1903, when Teddy Roosevelt was trying to get an anti-monopoly bill through Congress, he claimed that telegrams to senators criticizing the bill came from ex–Standard Oil CEO John D. Rockefeller. Roosevelt got headlines by denouncing the messages, which Rockefeller’s son had actually sent. Roosevelt knew that, but blasting the more famous elder Rockefeller helped get his bill passed.

Johnson vs. Graham

Lyndon Johnson used to summon Washington Post publisher Katharine Graham to his White House bedroom to berate her over disagreements with the paper’s coverage. In one instance, he did so while undressing for bed. Sensing her discomfort, he ordered her to turn around—then continued to berate her.

Reagan vs. Iacocca

Chrysler head Lee Iacocca was always advocating for government policies that would help his business, a practice that sometimes annoyed the free-market-loving Ronald Reagan. Once, Iacocca was in the Oval Office lobbying for a gas tax, but Reagan would have none of it, telling him the President would get the blame from angry Americans. Then, to emphasize the point, Reagan told Iacocca, “That’s why you’re sitting on that side of the desk and I’m the President.”

Clinton vs. Welch

Republican Jack Welch was the longtime CEO of GE, which owned NBC. When he saw an article suggesting that Bill Clinton aide George Stephanopoulos might be headed to NBC News, Welch sketched a picture of a raised middle finger on the article and faxed it to NBC’s president. (Stephanopoulos ended up at ABC instead.)

Trump vs. Dimon

In 2018, JPMorgan Chase CEO Jamie Dimon angered Donald Trump by boasting that if he ran for President, he could defeat Trump. Dimon quickly apologized, but that didn’t stop Trump from blasting Dimon on Twitter: “The problem with banker Jamie Dimon running for President is that he doesn’t have the aptitude or ‘smarts’ & is a poor public speaker & nervous mess,” then adding, “Otherwise he is wonderful.

This article appears in the September 2024 issue of Washingtonian.