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Obama Urges Finance Industry to End Regulation Fight

By Roger Runningen and Hans Nichols — President Barack Obama called on the financial industry to drop the “furious effort” or insurance news to fight his regulation plan, saying a failure to impose tougher rules on the market will put the U.S. economic system at risk.
The U.S. was almost dragged into a second Great Depression by “a failure of responsibility — from Wall Street all the way to Washington,” Obama said today in a speech he delivered at Cooper Union in New York, about two miles from Wall Street.
“Some on Wall Street forgot that behind every dollar traded or leveraged, there’s family looking to buy a house, or pay for an education, open a business, save for retirement,” Obama told an audience that included Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc., local officials, consumer advocates, faculty and students. What happens on Wall Street “has real consequences across our country, across our economy.”
Obama repeated the arguments he’s been making for overhauling financial industry regulations over the past two years, a drive that is nearing its final stages. His push to get the legislation through Congress got a boost when Democrats and Republicans resumed negotiations after weeks of trading accusations. The effort has also been helped by the administration’s ramped-up lobbying campaign and last week’s announcement by the Securities and Exchange Commission that it is suing Goldman Sachs for alleged fraud linked to derivatives.
Executive Audience
Other officials who attended the speech included Robert Diamond, president of Barclays Plc, and former Federal Reserve Chairman Paul Volcker, an Obama adviser. Gary Cohn, president of Goldman Sachs; Barry Zubrow, chief risk officer for JPMorgan Chase & Co.; and Tom Nides, executive vice president and chief operating officer of Morgan Stanley, were also in the audience, according to the White House.

This entry was posted on Monday, June 28th, 2010 at 2:42 am and is filed under Life Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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