Wall Street’s resurgent prosperity frustrates its claims, and Obama’s
By Zachary A. Goldfarb
Sunday, November 6, 2011
President Obama calls people who work on Wall Street “fat cat bankers” and his reelection campaign will try to harness public frustration with Wall Street. Financial executives, for their part, say the president’s pursuit of new financial regulations are punitive and “holding us back.”
But both sides face an inconvenient fact. During Obama’s tenure, Wall Street has roared back even as the larger economy has struggled.
The largest banks are larger today than when Obama took office and are returning to the level of profits they were making before the depths of the financial crisis in 2008, according to government data.
Wall Street firms — either independent companies or the high-flying trading arms of banks — are doing even better. They’ve made more profit in the first 21 / 2 years of the Obama administration than they did during the entire Bush administration, industry data show...
For the full article, go to:
http://www.washingtonpost.com/business/economy/wall-streets-resurgent-prosperity-frustrates-its-claims-and-obamas/2011/10/25/gIQAKPIosM_print.html
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