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MONDAY, NOVEMBER 23, 2009
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21

Don't Fight Reform, Obama Warns Wall St. at NYC Dinner

Still, president reminds finance industry, 'we're in this together'

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(Newser) – At a fundraising dinner tonight in New York attended by (among others) the sorts of financial types who could afford the $30,400-per-couple entry fee, President Obama wagged a finger at Wall Street. “I would ask that you join us in passing what are necessary reforms,” he said in addressing the interested parties. “Don’t fight them.”

“This is important for our country and in the long run it will be good for the financial industry to have a level playing field in which everybody knows the rules and everybody knows the rules will be enforced,” Obama added, despite what Carol Lee, in Politico, calls “an increasingly awkward dynamic between the president and Wall Street,” also noting “the fact that we’re in this together.”

Marine One, with President Barack Obama aboard, departs Manhattan after his appearance.
Marine One, with President Barack Obama aboard, departs Manhattan after his appearance.   (AP Photo)
President Barack Obama speaks at a Democratic National Committee fundraiser in New York tonight.
President Barack Obama speaks at a Democratic National Committee fundraiser in New York tonight.   (AP Photo)
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21 comments
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Jayster999
Oct 20, 09 9:24 PM CDT
I'm not optimistic that Obama will enact any real or meaningful reform that would benefit investors. It's not that I don't want it or would give him credit, but Barry is foremost a member of the CFR club, so I wouldn't hold my breath. Reply
Vote up! Vote down!
-1
IN RESPONSE:
ultramarine13
Oct 20, 09 9:40 PM CDT
The point isn't to simply protect investors, jayster. Pretty much all of the people hit hard by this recession were working families. I know, I know, there were big wigs that took some big hits, but they make up a far smaller percentage. The point of these reforms is (supposed) to be to limit how far companies can go to please said investors by focusing on short term gains, i.e., stock price increases. This focus on the short term rewarded very risky behavior, such as banks leveraging them selves 30 to 1 (lending $30 for every $1 they have in capital) and giving out risky loans. It was exactly that sort of short term gain mentality that got us into the mess we're in.
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+3
IN RESPONSE:
Jayster999
Oct 20, 09 9:54 PM CDT
Well, to clarify, that IS who I am concerned about, working people trying to earn a retirement and folks like my parents who are retired and have taken a huge hit over the past couple years. I am far less concerned about professional investors than I am about the average person.
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+1
IN RESPONSE:
calkino
Oct 20, 09 10:18 PM CDT
jayster, if you really want meaningful reform, call you republican representative and tell him or her to vote for the legislation. that way, you'll actually have some sort of argument for not giving Obama the credit. but unless you do that, please get out of the damn way, because we real families need real reform right now.
Vote up! Vote down!
+2
IN RESPONSE:
MrsK
Oct 20, 09 10:30 PM CDT
Jayster, you had two thumbs down before you even entered tis comment. You lost the popularity contest before it even began. But hey! That;s the liberal way, so congrats, and have a nice day!
Vote up! Vote down!
+5

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