Slams Wall Street’s salaries while attending $15,200 per person fundraiser. President Barack Obama challenged Wall Street to embrace his proposed financial regulations at a New York City fundraiser Tuesday night.
Obama criticized the "reckless speculation and deceptive practices and short-sightedness and self-interestedness from a few." The audience included members of the Wall Street community.
Banks and other financial institutions have fought the proposed regulations, including one for a Consumer Protection Financial Agency. Obama has insisted the agency is necessary to prevent another economic collapse.
"So if there are members of the financial industry in the audience today, I will ask that you join with us in passing what are necessary reforms -- don’t fight them, join us on it," Obama said at the Democratic National Committee (DNC) fundraiser.
The dinner and a second fundraiser were expected to raise between $2 million and $3 million for the DNC. At the dinner, tickets went for $15,200 per person and $30,400 per couple.
The president was criticized earlier in the week for taking Wall Street's money as his administration criticized the practices of financial institutions.
"It will be good for the financial industry to have a level playing field in which everybody knows the rules and everybody knows that the rules will be enforced," Obama said. "And people are competing not by how confusing you can make things, and how to avoid rules, but competing because you're offering innovative good products that are helping grow the American economy and put people to work out on main street."
Source: The Hill
Financial and other Wall Street companies are not social agencies. They are “for profit” companies. Only the stockholders or other owners should set the salaries of upper management. Those salaries are none of the business of Obama, Barney Frank or the other socialists.
For months Obama has escaped on Air Force One every other day to hold townhall meetings to tell people how dire healthcare was that we needed to pass Obamacare. Now that Congress is actually going to put some detail in the socialize healthcare plan, Obama has escaped the Oval Office. Even though for months it was “my plan this” “my plan that”, Obama will have no input into what is in ObamaCare.
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