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Obama scolds Wall Street

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Obama scolds Wall Street

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Wall Street has been given a telling off by President Barack Obama for the risk-taking that led to the financial crisis.

He told an New York audience including financial industry leaders that there had been a “failure of responsibility.”

Obama said: “Some on Wall Street forgot that behind every dollar traded or leveraged there is a family looking to buy a house, or pay for an education, open a business, save for retirement, what happens on Wall Street has real consequences across the country, across our economy.”

Obama urged the banking industry to stop its “furious efforts” to block tighter regulation.

He is also trying to persuade Republicans to support a bank reform bill in Congress.