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Showing posts from April 26, 2010

Again, Obama shows that he prefers evolutionary change

Business Times - 27 Apr 2010


Again, Obama shows that he prefers evolutionary change

By LEON HADAR
WASHINGTON CORRESPONDENT

DURING a much anticipated speech in New York last week, US President Barack Obama made a push for Wall Street reform just as the US Senate was preparing to debate legislation on overhauling the financial regulatory system.

Against the backdrop of the recent fraud charges by the Securities and Exchange Commission (SEC) against financial giant Goldman Sachs, some pundits expected Mr Obama to deliver a hard-hitting populist message against Wall Street, blaming the financial industry for the Great Recession, and calling on an angry American public to support the White House and the Democrats in their efforts to impose tough regulations on the greedy bankers.

Listening to President Obama in the audience estimated to be 700 at Cooper Union in lower Manhattan (a venue just a short ride from Wall Street) were America's top financial leaders, including much-disparaged G…