Paying $30k per head for the privilege to attend a dinner where your employer is the only thing truly feasted upon is a bit steep even by Manhattan standards. The brave few from the big banks who attended last night's Democratic fund-raiser probably had a good idea of what the President had on the menu beforehand ,but may not have expected a full three courses of what Wall Street did wrong.
The President started with a spicy appetizer to grab everyone's attention.
"We also know we should never again have to face potential calamity because of reckless speculation ... and shortsightedness and self-interestedness from a few," Obama said.
Reckless speculation, shortsightedness, and self-interestedness- how tasty. It really leaves you wanting more and BO delivered when it came time for the focal point of the night, the main course.
"So if there are members of the financial industry in the audience today, I would ask that you join us in passing what are necessary reforms."
Ok. Now we see how the main course should make up for the appetizer. But something is missing. We need something for dessert that will leave a good taste in everybody's mouth.
"When I hear stories about small businesses and medium-sized businesses not being able to get loans, despite Wall Street being profitable, that tells me people aren't thinking about their obligations," Obama said, chastising bigger banks.
Time for some Pepto.
Obama scolds Wall Street over reforms, lending [Reuters]