April 22nd, 2010
09:28 AM ET
12 years ago

Obama will not slam Wall Street, aides say

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/04/22/art.obama0409t.gi.jpg caption ="The White House believes it is already winning the reform fight and President Obama does not need to stir the pot in his speech Thursday."]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.

Filed under: Financial Reform • President Obama
soundoff (3 Responses)
  1. Marry

    Dear Mr. President, thank you! You are smart and brilliant as always!

    April 22, 2010 09:43 am at 9:43 am |
  2. Dr.George James

    Obama always speaks sense,not "chicken for checkup"

    April 22, 2010 09:45 am at 9:45 am |
  3. Dave

    A guy who did NOTHING in his life but talking and talking and talking (namely, Obama) will not slam the financial industry. This will only save him looking funny!?!
    (Yes, he also got a lot of money contributions from these guys).

    The suggested new law has many bad aspects that will make industrial development and start-up companies very hard to start in the US. Again, some improvements are necessary (like in healthcare) but under Obama it becomes a general reform with many untested relatively bad aspects. Te more government decides things, the more non-experts make decision where high expertise level is needed!

    April 22, 2010 09:49 am at 9:49 am |