New York (CNN) – Senior administration officials tell CNN the president will not be slamming Wall Street in his speech Thursday, in part because the White House believes it's already winning the reform fight and does not need to stir the pot.
The officials revealed that top bankers have been calling administration officials this week frantically asking "how bad" the speech will be for Wall Street and whether they will be taken to the woodshed.
The bankers have been told Obama will not be "trashing" them at all, according to top officials who have seen the final draft of his speech.
"We do feel like we're winning so it's not a slash and burn speech," one of the senior officials told CNN, noting that the rhetoric would be tougher if Obama felt the reform bill was in peril. "We don't need to do that right now."
But the senior officials noted Wall Street will be challenged by Obama. His speech has an interesting finish, where the president quotes a Time magazine article featuring bankers saying if reform passes it will be a disaster.
The Time article is from the 1930's - during the fight over creation of the FDIC.