Wall Street executives on Thursday hit back at President Barack Obamas plan to curb big banks, questioning whether proposals reaffirmed in his State-of-the-Union address would ever become law. Obama pushed job creation to the top of his agenda in his annual speech to Congress and vowed not to abandon his struggling healthcare overhaul after the loss of a key Senate seat in Massachusetts raised doubts about his leadership.
Howard Lutnick, CEO, Cantor Fitzgerald, said at the World Economic Forum that Obama was waging a populist battle against the banks. Its fun to bash the banks if you are not making ground in healthcare, he said. Obama jolted markets on January 21 with proposals to force commercial banks to cut ties with hedge funds and private equity funds and to stop proprietary trading.