Washington (CNN) – A top economic adviser to President Obama said Sunday that Wall Street should not be resisting Democratic efforts to impose new financial regulations in the wake of last year’s financial crisis.
“It was irresponsible risk-taking that brought the economy to the brink of collapse,” Lawrence Summers, the Director of Obama’s National Economic Council, said about Wall Street Sunday on CNN’s State of the Union. “It was their irresponsiblilty in many cases that brought the economy to collapse. And, frankly ... it wasn’t the first time.
Watch: Summers slams Wall Street
“And they don’t get, in some cases, that they wouldn’t be where they are today - and they certainly wouldn’t be paying the bonuses they’re paying today - if their government hadn’t taken extraordinary actions. Extraordinary actions, not frankly with the motivation of helping them, but with the motivation of helping the economy but of which they were nonetheless the beneficiary.”
Summers also told CNN Chief National Correspondent John King that it was “wrong” for Wall Street to be “complaining about serious regulation directed at making sure this never happens again.”