Obama slams Wall Street ways while asking support
By DARLENE SUPERVILLE and TOM RAUM, Associated Press Writers Darlene Superville And Tom Raum, Associated Press Writers – 22 mins ago
NEW YORK – President Barack Obama rebuked Wall Street for risky practices Thursday even as he sought its leaders’ help for “updated, commonsense” banking regulations to head off any new financial crisis.
“Ultimately there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation. So I urge you to join me,” said in a high-stakes speech near the nation’s financial hub. His audience included some of the nation’s most influential bankers.
The president acknowledged differences of opinion over how to best protect bailout-weary taxpayers but denounced criticism from some Republicans who claim a Democratic-sponsored bill headed for Senate action would encourage rather than discourage future bailouts of huge banks.
“That makes for a good sound bite, but it’s not factually accurate. It is not true,” Obama said to scattered applause. “In fact, the system as it stands — the system as it stands is what led to a series of massive, costly taxpayer bailouts.” He said the overhaul legislation would put a stop to such bailouts.
story……
http://news.yahoo.com/s/ap/20100422/ap_on_bi_ge/us_obama
Message Edited by sammmy on 04-22-2010 02:59 PM
Message Edited by sammmy on 04-22-2010 02:59 PM
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