For the first time in at least a decade, the White House has declined to offer a letter of greeting to traders attending the annual convention of the Security Traders Association, an organization representing about 5,000 stock and options traders. This year’s event will be held Oct. 14-18 in Scottsdale, Ariz.
Every year Traders Magazine publishes a program for the annual conference complete with an event schedule, names of STA officers, and photographs from previous conferences. Traditionally included in the book are letters from the host state governor and the president of the United States that welcome the attendees.
George W. Bush wrote letters. Bill Clinton wrote them. Gerald Ford, president from 1974 to 1977, also sent in a letter. But this year is different. Even though the governor of Arizona wrote a letter, President Barack Obama did not.
STA president John Giesea said he’s uncertain why the White House declined to send a letter but noted it was a valuable addition to the program. "Certainly we like the acknowledgment we have received over the years traditionally from the governor of the host state as well as the president. It adds to the program."
Bush’s letters typically followed a familiar format. He extended greetings to the traders and praised them for their services to the nation’s economy. He would also praise the STA for its contributions.
"I appreciate the STA for your work to advance securities markets and help Americans pursue their dreams," Bush wrote in 2007, for instance.
Some speculate the Obama administration declined to provide a letter as part of a policy to distance itself from Wall Street during a period of general anti-Wall Street sentiment among Americans.
Giesea noted that might be the case. Others point out the current administration is trying to place a little more distance between itself and American business in general. Shortly after he was sworn in, Obama issued an ethics Executive Order, which established new rules of conduct between White House officials and the businesses they dealt with.
Still others believe the absence of the letter does not signify a cold shoulder from the White House. Dave Franasiak, an attorney for the STA with Williams and Jensen in Washington, suggests the letter fell between the cracks. The STA wasn’t persistent enough in reaching the appropriate person in the White House, he believes.
The White House declined to comment for this article.
