Ronald Reagan and Lee Iacocca. Photograph of Reagan and Iacocca by AP Images.
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.
When Presidents Clash With CEOs
Tevi Troy’s new book looks at prominent power struggles.
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.
Most Popular in News & Politics
Please Stop Joking That JD Vance Killed the Pope
Kristi Noem Bag-Theft Mystery Endures, “Senate Twink” Plans Pigeon Sanctuary, and We’ve Got Tips for Doing Yoga in Museums
Meet the Winners of the 2025 Washington Women in Journalism Awards
Elon Musk Got in a Shouting Match at the White House, a Teen Was Stabbed in Fairfax, and Pete Hegseth Decided the Pentagon Needed a Makeup Studio
Does Eleanor Holmes Norton Still Have What It Takes to Fight for DC?
Washingtonian Magazine
May Issue: 52 Perfect Saturdays
View IssueSubscribe
Follow Us on Social
Follow Us on Social
Related
An Unusual DC Novel Turns Out to Have an Interesting Explanation
A Timeline of Dan Snyder’s Unsold Mansion
Jim Acosta Talks About Life After CNN
Alexandria Construction Uncovers Part of a Historic Canal
More from News & Politics
This Year’s Smithsonian Folklife Festival Is All About Youth Culture
Trump Messed Up DC’s Credit Rating, Pete Hegseth Got a “Dirty” Line Installed at the Pentagon, and Jeff Bezos Doesn’t Need Us Anymore
Restaurateurs, Politicos, Journalists: Photos of the Best Parties Around DC
Jacob Wohl and Jack Burkman Sued Again Over “Predator DC” Series
Elon Musk Got in a Shouting Match at the White House, a Teen Was Stabbed in Fairfax, and Pete Hegseth Decided the Pentagon Needed a Makeup Studio
Steven Spielberg’s Portrait Is Coming to the Smithsonian’s Permanent Collection
Oh No, Elon Musk Will Cut Back His Time in DC; Pentagon Chaos Continues; and Purcellville’s Vice-Mayor Is Under Investigation
Please Stop Joking That JD Vance Killed the Pope