There is a red canna lily (not true lily) named President. My guess is that name was applied to your lily. This is a common practice with imported Dutch bulbs. These bulbs are inexpensive compared to bulbs you can buy direct from American or Canadian growers/hybridizers who guarantee correct labeling and replace for free mislabeled bulbs.
I think you will find agreement across plant forums that inexpensive Dutch imports have a higher probability of being mislabeled. My worst experience was a couple of years ago I bought 6 bags of labeled gladiolas and NOT ONE turned out to be correct!
On the other hand, if you don't care about names then these inexpensive bulbs are a good way to fill out your gardens. I got some decent Oriental lilies in cheap bags a few years back. But for the most part, I like to be able to accurately identify my lilies.
