Journalist: You know my friends in Aspen told me that people are being mean to our financial leaders– just because they profited from destroying the economy.
Journalist: I heard the same thing while I vacationed with friends in Nantucket
Obama: Let me help with you that. Wall Street reform has been the top of my agenda since day 1. And a signal achievement of my administration was the passage of the Dodd-Frank reform legislation. It is a big old bill with thousands of pages. And we believe that satisfies the reformers.
Romney: Of course we need regulation but we need to overturn Dodd-Frank. And in its place have the kind of rules that are open to interpretation by corporate counsel. There needs to be an appearance of accountability.
Obama: Governor Romney has missed the point—that is exactly what we have with Dodd-Frank. In fact there is a small army of corporate lawyers busy writing the new rules as we speak.
Romney: The problem with Dodd-Frank is that it makes the too big to fail banks worry that someone will put them in jail for taking a risk. Like fixing the Libor rate.
Obama: Once again. Dazed and confused. My administration has prosecuted fewer white collar criminals than any administration in 30 years.
Romney: Well, that is a good start. But the too big to fail banks are still concerned. And I myself feel their pain.
Obama: When we do catch the banks breaking the law, I am proud to say our policy is to accept only minimal civil fines and with no admission of criminal wrong doing.
Romney: The fines could be smaller and those people work really hard for their bonuses and losing them should be off the table.
Obama: As I said in my first year in office, I am the only one who is standing between those guys and the pitchforks. And they know that. Let me ask you, did anyone lose a bonus under my watch?
Romney: Are you my brother from another mother? There really is no difference between us on Wall Street.
Journalist: Isn’t it wonderful when we have bi-partisan agreement. And you sir?
