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

Wall Street to Obama: Hands off!

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/04/22/art.wallstreet.gi.jpg caption=" 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. Paul

    They said the president needs to stop worrying about Wall Street and worry about other things, like unempoyment. What do you supposed caused a lot of this "unemployment?"

    April 22, 2010 04:30 pm at 4:30 pm |
  2. rob10001

    Wall Streeters sure did not mind when two US Presidents showed up to save their behinds. Now President Obama is back for payback time. Isn't it great to watch them and their Republican apologists squirm?!

    April 22, 2010 04:31 pm at 4:31 pm |
  3. ApacheLXX

    Everything Nobama does is political and devisive to move more of the power and control under his domain. None of the Bills that have passed have been about their title, they have all been about how much can I as the President grab before anyone realizes I control everything. The Dems in congress are helping him, they don't realize that he can't be trusted. Just like wall street get me elected and I will slam dunk you.

    April 22, 2010 04:32 pm at 4:32 pm |
  4. The Voice

    They are saying hands off! but when they needed taxpayers money it was all "hands in" the cookie jar.

    Wall St. has become the worlds biggest casino and they are gambling with our money. At least in any other casino we gamble are own money. These crooks gambled our own money, destroyed the economy and now they are saying back off! Are you kidding me.

    By the way how is it that Lloyd Blankenfein still not in prison??

    April 22, 2010 04:33 pm at 4:33 pm |
  5. Wisconsonite

    Awwwww . . . are the poor, little rich boys on Wall Street whining about the big, bad President who doesn't want them to take our economy over the cliff . . . . AGAIN??!!!!! The nerve of these jerks!

    April 22, 2010 04:35 pm at 4:35 pm |
  6. phoenix86

    Obama is an economic idiot. Wall Street recognizes this even if Main Street is only now catching on.

    April 22, 2010 04:37 pm at 4:37 pm |
  7. MJ

    Take the money and run. Obama is trying to destroy every aspect of our freedom as we once knew it. What scares me is that we are allowing this to happen. Obama has become defensive, arrogant, and controlling. Not good traits for Americans watching this mass Government takeover with little defense. His "puppets" just do as told.

    April 22, 2010 04:42 pm at 4:42 pm |
  8. Independent One

    Thank God a President who is fighting for main street

    April 22, 2010 04:44 pm at 4:44 pm |
  9. Lando

    Yeah....so you can continue to suck the blood of Main Street...Clemente...you represent Dracula...

    April 22, 2010 04:44 pm at 4:44 pm |
  10. Patience

    Bernie Madoff, Ken Lay, Jeff Skilling.
    Anybody else have a name??

    April 22, 2010 04:44 pm at 4:44 pm |
  11. Victim of GOP Taliban

    Who cares what stock brokers think. Why trust them to police themselves after what just happened...a near global meltdown and another Great Depression.

    April 22, 2010 04:48 pm at 4:48 pm |
  12. JonDie

    "Wall Street was unimpressed by President Obama's argument for financial reform on Thursday."

    It should be up to Wall Street to decide if they will continue to rob American citizens. Their crimes should be treated like crimes. Bernie Madoff is NOT much different from the average Wall Street bank president.

    April 22, 2010 04:49 pm at 4:49 pm |
  13. ib

    This hyprocrite that we have for a president wants the gov. to take controll of everything in this country. Wake up people before it's to late. Remember in Nov.

    April 22, 2010 04:49 pm at 4:49 pm |
  14. Susan

    They've got a hell of a nerve complaining about regulation! They're the ones that totally screwed this country and lost us 8 million jobs! They should be under a microscope and watched like a hawk to make sure it doesn't happen again! I know Goldman Sachs committed fraud and they're just the first to be caught at it!

    Why is it only the rich that are screaming for de-regulation. If they were following the rules, they wouldn't have a problem.

    April 22, 2010 04:51 pm at 4:51 pm |
  15. john in binghamton NY

    What would you expect them to say? Yes, please regulate us because we don't know what we are doing and we are getting paid too much. The system is broken when a few people at the top have their paying going up uncontrollably while everyone else has their pay going down based on inflation. They basically get a bonus not matter what they do or how bad they do. They get bonus even when they get fired for incompetence. They are encouraged to increase the short term stock price at the cost of long term company health because they will increase their pay and they will be gone by the time ill effects of their decisions show up.

    April 22, 2010 04:54 pm at 4:54 pm |
  16. Louise in NC

    Wall Street lives in an Ivory Tower and does not much care if they completely destroy the US economy–jusr as long as they get their bonuses! There needs to be stronger regulation in the financial markets and if they want to make fun of Obama then they are making fun of Main St., because this is who he is thinking about. The American people helped Wall St. when it was needed. Also, I did not see any comments from CEO's in your rreport, CNN. Instead of getting quotes from the kitchen help you need to talk to the chefs and then your story might have some teeth to it!

    April 22, 2010 04:54 pm at 4:54 pm |
  17. Allen Hussein

    Poor babies. I make Wall Street a deal, if they stop trashing the global economy, I just might give them a little sympathy.

    April 22, 2010 04:54 pm at 4:54 pm |
  18. Bob (Illinois)

    Judging from some of the reactions from traders, etc., it's very clear they just don't get it! If they don't think financial reform is needed then they must be living on another planet.

    A case in point: "He took their money before, so it's kind of hypocritical to attack them now," he [Clemente] said.

    It sounds like Clemente thought Wall Street had purchased a President.

    Congress needs to STEP ON these clowns!

    April 22, 2010 04:55 pm at 4:55 pm |
  19. Claudia, Houston, Tx

    One would only expect a Wall Street employee to make that statement knowing when they gave the President and John McCain their contributions their hands were "dirty" and therefore expect to continue their same practices.

    April 22, 2010 04:56 pm at 4:56 pm |
  20. joe dokes

    Why does Wall Street get off thinking it has any credibility o this issue? THEY are the ones who screwed up and plunged us into recession. They are the problem. They need regulation because they have shown that they cannot act ethically unless it's demanded of them. I'm not against free enterprise at all. However, these guys are crooked. Why listen to their whining about accountability?

    April 22, 2010 04:56 pm at 4:56 pm |
  21. If Obama keeps the Goldman money......

    it tells you something about him......essentially that he's just as big a crook as they are.....

    April 22, 2010 04:57 pm at 4:57 pm |
  22. all the news that's fit to omit

    Actually wouldn't that be HANDS OUT for the fraud in chief who got a COOL MILLION from his latest Boogeyman G-sachs and over 4 MILLION in total from Wall street just in the last election cycle.

    The gutless fraud needs to appear populist and you easily fooled sheep and the lamestream media will IGNORE his getting millions from the same people he needs to "call the bad guys".

    Why are Fannie and Freddie not part of the reforms, oops, my bad, Tom that would be called REPORTING the facts for ALL TO DECIDE ON.

    The sycophantic lamestream media will have none of that.

    I can see November from my house.............................

    April 22, 2010 04:58 pm at 4:58 pm |
  23. Terry from West Texas

    I think the contributors from Goldman Sachs realized that they and their industry was out of control and they were hoping for firm guidance from the federal government. Banks are like addicts that cannot control their own behavior. They need an outside force to impose limits. Else, they will destroy themselves and the economy over and over and over – as they have done in the past.

    April 22, 2010 04:59 pm at 4:59 pm |
  24. Unicorn Diplomacy

    Ummm, actually how about this: America to Obama – hands off!

    We hate you, Obama!

    April 22, 2010 04:59 pm at 4:59 pm |
  25. Robert

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

    That is BS.. Contributions are the name of the game of politics. Unfortunately it usually means a candidate is bought off. That Obama is pursuing what is right for the nation only shows that he hasn't been bought.

    Wall street is too big for it's britches. It's long overdue they be cut down a bit.

    Good for President Obama to reign them in. It's unimportant whether they are unimpressed. He only needs to impress the voters..

    April 22, 2010 05:01 pm at 5:01 pm |
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