President Obama’s Message to Wall Street Tonight on Regulatory Reforms: “Don’t Fight Them”

By Lindsey Ellerson

Oct 20, 2009 6:02pm

The president will be shaking the New York money tree this evening at two DNC fundraisers expected to rake in around $3 million.

According to prepared remarks, he will say: “And while I’m here in New York, I want to stress again the urgency of financial reform. The finance industry is essential to a healthy economy and the well-being of our country. That is why we stepped in to prevent a collapse which would have had far reaching and devastating consequences for the American people. But we as a country should never again be faced with such a potential calamity because of the reckless speculation and deceptive practices of a short-sighted and self-interested few.”

He will then add: “So if there are folks from the industry here tonight, I ask you to join with us in passing what are necessary reforms; don’t fight them. It’s important for our country. And in the long run, it will be good for your industry to have a level playing field in which everyone knows the rules – and everyone knows that the rules will be enforced.”

-jpt

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