April 22nd, 2010
03:55 PM ET
5 years ago

Wall Street to Obama: Hands off!

 Reactions of nearly a dozen financial industry workers to President Obama's argument for financial reform ranged from skepticism to animosity.
Reactions of nearly a dozen financial industry workers to President Obama's argument for financial reform ranged from skepticism to animosity.

New York (CNNMoney.com) - Misguided. Unworkable. Hypocritical.

Wall Street was unimpressed by President Obama's argument for financial reform on Thursday. The reaction of nearly a dozen financial industry workers ranged from skepticism to animosity.

"It doesn't seem necessary for him to come down here," said Frank Clemente, a stock broker. "It's all political, not any real reform."

Clemente was particularly annoyed that Obama criticized the financial industry after having accepted political contributions from Goldman Sachs during his presidential campaign.

"He took their money before, so it's kind of hypocritical to attack them now," he said.

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Filed under: President Obama • Wall Street
soundoff (63 Responses)
  1. Unicorn Diplomacy

    Honestly, after a year and a half and all the failed promises, and inattention to unemployment, and an unthinkable deficit, and compromising our national security posture, I'd say that amateur hour is about over. Time to start looking at bringing back some professionals.

    April 22, 2010 05:02 pm at 5:02 pm |
  2. Idiots

    See! this is why these idiots should not have been given OUR TAX MONEY! screw them! they just care about themselves! shut em all down i say! NO MORE BAILOUTS! if there's gonna be, give me back my d*&n tax money!!!!

    April 22, 2010 05:03 pm at 5:03 pm |
  3. Steve in Denver

    What a surprise! The folks who brought the world economy to the brink of disaster and took a $700 billion bailout to keep themselves alive, telling the people who bailed them out (US Taxpayers) "leave us alone, we'll do what we want."

    I'm glad we have a president who has some fortitude!

    April 22, 2010 05:11 pm at 5:11 pm |
  4. D.

    Any industry this guy is talking about, you realize he understands NOTHING, he is all talks, an average Chicago politician (lazy, power hungry and corrupt in some general sense), but he surely knows how to sell used cars! (especially to first buyers!)

    April 22, 2010 05:13 pm at 5:13 pm |
  5. And

    They need to leave the free market alone and straighten up the government failures which caused the melt down in the first place, (freddie and fannie), which ole barn and doddsey did such a wonderful job of managing, and which was pushed to make risky loans in the clinton era. So quit trying to blame the corporate world for the meltdown, after all, billions were wasted bailing out gm and chrysler just for the union bedfellows, energy costs will skyrocket if the cap and trade mess goes through, and billions have been wasted creating inefficient, do nothing government positions. So just who has the most business sense here anyway?

    April 22, 2010 05:15 pm at 5:15 pm |
  6. jim

    Frank Clemente ...... "It's all political, not any real reform."

    The crisis that hit America because of Wall Street's reckless actions was not political either, but rather it was the greed of a few that hurt the many – that is why reform is needed !! Why do we have speed limits on the roads? So we don't hurt ourselves and others. There is no difference.

    and Frank ...... why should we trust ANYONE on Wall Street ??? You have all proven what you really think of America !!

    April 22, 2010 05:15 pm at 5:15 pm |
  7. Iowa

    Seriously....Wall Street guy??? You guys are the biggest losers on the planet. A bunch of money hungry idiots with no thought for the rest of middle America. And by the way.....I am the reason you still have a job(bailout). Shut the heck up and accept what's coming your way.
    I am pretty sure that no regulations and trickle down didn't help anyone.

    April 22, 2010 05:15 pm at 5:15 pm |
  8. JAB

    So in other words, the Wall Street brains are admitting that the funds they gave were an attempt at buying their way with an elected office.

    April 22, 2010 05:16 pm at 5:16 pm |
  9. truth

    Obama wants to get everything under government control. He is leading this country to Socialism.

    April 22, 2010 05:17 pm at 5:17 pm |
  10. LacrosseMom(the real one)

    Of course, Wall Street LOVED being bailed out by Paulson/Bush, but does not want to be reigned in. Unfortunately, Americans are not well informed and have no idea of how crucial regulations are to the economy.

    Wall Street, next time you blow-it, do not come looking for help!

    April 22, 2010 05:20 pm at 5:20 pm |
  11. Carmelle

    Clemente was particularly annoyed that Obama criticized the financial industry after having accepted political contributions from Goldman Sachs during his presidential campaign.

    "He took their money before, so it's kind of hypocritical to attack them now," he said.

    --–

    Dear Mr. Clemente:

    So what did you expect him to do? Allow the banks to screw us again just because they donated $1 Mill out $700Mill he raised to campaign? And this money did not all come from the Corp, but also from employees.

    THE AMERICAN PPL GAVE MORE MONEY TO HIM!!!

    He works for US! Not you thieves!!!

    I guess that comment says a lot about the fact that Dems can take money from WS and still regulate them!! Good for you Dems!! Show those prostitutes on the other side of the aisle how it's done!!

    April 22, 2010 05:20 pm at 5:20 pm |
  12. Harley

    So Obama took some money from goldman sachs.Who cares. It was before all the finalcial bailouts of these banks began. Alls I know is that itis nice to have a President that can lead instead of just reacting to things happening with big words and broken promises. At least things are getting done to change things for the better. We are not going to see the progress overnight. Be patient people. Middle class is on its way back!

    April 22, 2010 05:21 pm at 5:21 pm |
  13. sick of republican phonies

    Clemente, whoever he is, says: "He took their money before, so it's kind of hypocritical to attack them now." What he means is , "We gave him money, so he should ignore our crimes and excesses and the fact that we nearly destroyed the economy and do what we want." Frank: if you want to buy your own politician try Mitch McConnell- he's always for sale. Oh, that's right, I forgot- you guys already bought him.

    April 22, 2010 05:25 pm at 5:25 pm |
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