Wall Street Not Impressed With Obama’s Arguments (GS)

On Thursday, President Barack Obama addressed financial firms at Cooper Union in lower Manhattan. However, Obama’s argument for financial sector reform did not go down very well with Wall Street.

Frank Clemente, a stock broker, said, “It doesn't seem necessary for him to come down here.” Clemente also added that Obama should not be critical of the financial industry, especially since he accepted political contributions from Goldman Sachs (NYSE: GS) employees when he was running for the President’s office.

According to CNN Money, in his speech, the President said that the recession, which followed the financial crisis, cost U.S. 8 million jobs, which is a clear sign that there is need to reform the financial sector, which has been responsible for triggering the financial crisis.