April 22nd, 2010
08:08 AM ET
4 years ago

Obama to Wall Street: 'Join us' in reform

President Obama will ask the Wall Street community Thursday to join in his effort to reform the financial industry.
President Obama will ask the Wall Street community Thursday to join in his effort to reform the financial industry.

New York (CNNMoney.com) - President Obama will ask the Wall Street community Thursday to join in his effort to reform the financial industry.

In remarks prepared for delivery at Cooper Union in New York later Thursday, the president said legislation in both houses of Congress aimed at reforming the banking industry represents "significant improvement on the flawed rules we have in place today."

Obama said he's sure many of the lobbyists working to defeat the measure are acting on behalf of the Wall Street firms represented by members of the audience.

"But I am here today because I want to urge you to join us, instead of fighting us in this effort," said the president. "I am here because I believe these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector."

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Filed under: CNNMoney.com • Financial Reform • President Obama
soundoff (29 Responses)
  1. Save America, impeach the treasonous republicans

    After spending millions of dollars to prevent reform, I do not think Wall Street will support any efforts other than McConnell's attempt to derail the process. According to the idiot McConnell, the American people like being screwed over by Wall Street.

    April 22, 2010 08:37 am at 8:37 am |
  2. Steve

    Go Mr. President...Another sign of a great President is offering your hand to someone you know you are going to clobber, and ask him to join you rather than be clobbered.

    Obama 2012
    (Then maybe he can be cloned and we'll keep him for an additonal eight years...one can only hope)

    April 22, 2010 08:43 am at 8:43 am |
  3. phoenix86

    Obama really is incompetent. I wonder if he will understand his "reform" of Wall Street better than his understanding of his "reform" of health care.

    Obama is dangerous to the US economy. Never again can we elect a fool.

    April 22, 2010 08:49 am at 8:49 am |
  4. Dominican mama 4 Obama

    It is my understanding that the reform that Obama is proposing invoklves a fund that Wall Street would pay into in the event they might need 'help' in a future crisis. What, I ask you, is the GOP's problem with this aspect of the bill?

    Based on everything I've heard, the GOP doesn't even know WHAT it is that they are objecting to. They are just adhering to the MEMO in objecting NO MATTER WHAT Obama is proposing.

    I can't wait to attend Obama's SECOND inauguration in 2013!! I hope it is not as cold as it was last year!! See you all there!!!!!!!!!!!!!!

    April 22, 2010 08:52 am at 8:52 am |
  5. Jim in Florida

    Reform to Obama means government takeover.

    Join us in more government takeover.

    Regulation, regulation, regulation, red tape, red tape, higher taxes, higher prices.

    When are the American people going to wake up tot he Obama charade?

    April 22, 2010 08:52 am at 8:52 am |
  6. Nadeem

    Obama is on a roll:
    - Lowers taxes for 85% of americans
    - Saves US from depression
    - Healthcare Reform
    - Growing Economy
    - Shrinking Unemployment
    - Withdrawl from Iraq has begun
    - Tunred around Afganistan
    - Arms deal with Russia
    - Banks pay back TARP with profit for taxpayers
    - GM pays back loan with profit for taxpayers
    - Financial reform looking good
    - Passes law to allows firearms on national park land
    - Tea party gathers on national park land with guns to say Obama is taking their rights away

    April 22, 2010 08:53 am at 8:53 am |
  7. Enough...

    Wall Street to be reformed.... but that would benefit the masses instead of a select few... We can't have that!!!! That would be UnAmerican... lmao!!!

    April 22, 2010 08:54 am at 8:54 am |
  8. ca

    Yawn....yep...go spank the evil bankers who forced people to bite off more than they could chew. They practically forced people into signing their 50 page closing documents which explicitly states what one's monthly payment will be.

    Bankers should get some, not all, of the blame.

    April 22, 2010 09:07 am at 9:07 am |
  9. katiec

    It is impossible for the average American to swallow, accept the arrogance, lack of responsibility by the Wall St CEO's. They are part of
    the elite that looks down their nose at middle class, tolerate us only to use us and take our money.
    Many of them should be in jail for their criminal activities, self serving actions and the raping of the American people.

    April 22, 2010 09:09 am at 9:09 am |
  10. Rick McDaniel

    That's like asking the fox to guard the hen house.

    This is all about theater.....to the public.....and is meaningless.

    April 22, 2010 09:11 am at 9:11 am |
  11. Anonymous

    WHAT?
    In remarks prepared for delivery.... He will be addressing.....
    Why doesn't CNN wait for him to make the presentation before reporting it? People and especially Presidents, have been known to modify speeches!

    April 22, 2010 09:21 am at 9:21 am |
  12. Keep It Simple Stupid

    Wall Street creates NOTHING. They are leeches. Wall Street is ALLOWED to exist for One Purpose.

    To facilitate the prosperity of American Industry through providing capital ... brokering stocks & bonds ... being a mere middleman that matches money from others with business ideas / needs of MAIN STREET.

    They have forgotten that.

    Until they demonstrate, through YEARS of respectable behavior, that they have gotten back to that mission, they don't deserve any breaks.

    April 22, 2010 09:25 am at 9:25 am |
  13. call me crazy

    I expect that we may see some cooperation from Wall Street, but I believe the republicans will still put up a fight in congress. Why? Just because if Financial Reform passes, it would be another Obama victory, and that is something they can't have. They don't care about the good of the country. They say "Obama must fail".

    We should do a little reforming of our own when it comes time to re-elect these republicans.

    April 22, 2010 09:26 am at 9:26 am |
  14. Choices that matter

    Our President is in bold action to make good changes for us Americans. Keep on fighting the good fight Pres. Obama!!!!!!!!

    April 22, 2010 09:30 am at 9:30 am |
  15. Mark from Louisiana

    Why did the obama campaign pay google to direct internet traffic to the obama campaign website when someone searches on google for the terms "goldman sachs SEC" . What is up with that?

    Why aren't fannie may and freddie mac affected by these new regulations? obama voted against regulating them when he was a senator, do he still owe them a payback for all the campaign donations?

    Goldman Sachs gave obama almost 1 million dollars for his campaign, now that they are accused of fraud why won't he return that money?

    This administration will go down as the most corrupt in American history!

    April 22, 2010 09:31 am at 9:31 am |
  16. The Good Fight

    Wall Street is like the perp on an episode of "Law & Order". They can either decide to go to trial or accept the plea bargin.

    America to Wall Street .... take the deal ... do your time .... get paroled ... come out and be a reformed member of society.

    April 22, 2010 09:37 am at 9:37 am |
  17. Avg Guy in Red State Kansas

    President Obama is right to ask Wall Street to join in efforts to reform the financial industry. Unfortunately, that plea most likely will fall on deaf ears.

    Why?

    It's called the "Golden Rule."

    "Those who have the gold make the rules."

    April 22, 2010 09:38 am at 9:38 am |
  18. Vernon Brown

    Its about time,we finally have a President who is looking out for America's interest.You Mr.Obama

    April 22, 2010 09:46 am at 9:46 am |
  19. Papasan in Az

    Great! Wall Street gets another soft ball pitch...

    Mr. President the priority is MAIN STREET USA!

    Where are your campaign promises to Main Street USA?

    Why are banks still foreclosing?

    Where is the Help / Hope for Main Street USA?

    When do you end the Wars?

    JOBS? JOBS? JOBS?

    I know I'm not the only American that VOTED for Obama and now wonders if the President will ever get to a least one of the above list. Apparently Main Street USA voters will have to except that the President has better things to do than look after the people that put him in the Office of President.

    Good Luck and don't forget to write!

    Papasan in AZ

    April 22, 2010 10:03 am at 10:03 am |
  20. TCM

    yeah, after all, Obama's done wonders with healthcare reform, the stimulus package, job creation, and relationships with our allies...why not give him a whirl at Wall St? That way, his destruction of the country will be another step closer to completion.

    April 22, 2010 10:10 am at 10:10 am |
  21. Dano

    I wouldn't count on any support from the Wall Street fat cats Mr. President, but it is a nice gesture on your part to offer them a place at the table. They really don't care about the country or even their industry – they're just after huge payouts for themselves.

    April 22, 2010 10:18 am at 10:18 am |
  22. rachel

    Obama is such a hypocrite here. Have no problem taking money from them while they were supposedly sucking people dry. What ever happened to when you place bets on stocks you take a risk sometimes you win sometimes you lose.

    April 22, 2010 10:21 am at 10:21 am |
  23. Shelly

    Proud of President Obama.....get giddy with ALL that he has accomplished ..... Economic recovery, Health Care Reform, Nuclear Arms Reduction, better relationships with the World, the gradual withdrawal of troops in Iraq, the capture and killing of many Al Queda/ Taliban leaders and so much more. If we all can see past all the garbage thrown at us by the Right wing, it is apparently clear that is President works incredibly hard for the American people.
    Imagine what America and the World would have been like with McCain/ Palin..... more wars, bread lines, wealthy becoming far more richer( Tax cuts) Corporations taking more advantage of Americans, further distancing of world leaders. Remeber McCain did not understand economics and Palin thought that Africa was a country!
    Yikes!

    April 22, 2010 10:25 am at 10:25 am |
  24. Brian Steele

    Government oversight of the private sector is as crucial as the checks and balances designed and implemented within our systems of governance. It is the responsilbility of our.government to impement regulatory policy if Wall Street fails to implement reforms to mitigate the potential of a looming financial crisis.

    April 22, 2010 10:34 am at 10:34 am |
  25. Sue

    --Hmmmmmm.........

    Goldman Sachs gave $1 million to Obama's campaign when he was running for President........They gave money to Harry Reid and MANY other Democrats.

    Is Obama going to give back the $1 million??? Are all of the other Democrats going to give back their money as well???

    And, now they are trying to destroy businesses with their increased regulations and taxes.

    I do NOT think that the Democrats are going to get much financial support from Wall Street. But, hey--they stll have all of the other special interest groups such as the unions, La Raza, Moveon, etc.

    April 22, 2010 10:40 am at 10:40 am |
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