Obama Continues Push for Financial Reform

October 21, 2009 12:00:00 AM PDT
President Obama is continuing his push to reform the financial industry and Tuesday night he did it on Wall Street's door step.President Obama is asking the financial industry to support his push for changes he says will help prevent another economic crisis.

Polls show the American public and the White House are frustrated with the tens of billions of dollars in bonuses Wall Street executives are setting aside one year after taxpayers bailed them out with $700 billion dollars in TARP money.

Speaking at a $30,000 dollar per couple fundraiser in New York Tuesday night, attended by several Wall Street supporters, the president pushed his reforms.

"In the long run, it will be good for your industry to have a level playing field in which everyone knows the rules," said Obama.

The Obama's administration's "Special Master" for compensation, Ken Feinberg, talked about the public's frustration with executive pay and the rules he will announce for companies receiving exceptional help from taxpayers "I've learned about the incredible gap, the chasm between Wall Street perception and main street perceptions."

The close relationship between Washington and Wall Street could make reform difficult.

Between 1996 and 2006, officials of the finance and credit industry gave at least 57 percent of their political donations to Republicans. This year, Democrats have received 58 percent of their money.

In a new report, a government watchdog said the Wall Street bailout has led to significant improvements, but it has put hundreds of billions of taxpayer dollars at risk.



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