Obama warns Wall Street of his new plans

Azerbaijan News.Net
Thursday 8th January, 2009

US president-elect Barack Obama has told Wall Street that its business practices have not worked and has promised an overhaul of US financial markets.

Mr Obama, in an interview with CNBC said: "Wall Street has not worked. Our regulatory system has not worked the way it's supposed to."

He said Wall Street could look forward to
a substantial overhaul, with tighter oversight, disclosure and enforcement.

Mr Obama also indicated that the stimulus plan that will shortly be voted on by Congress could balloon in size.

He said: "We've seen ranges from $US800 billion to $US1.3 trillion, and our attitude was that if we start towards the low end of that, we'll see how it develops."

Also in the interview, Mr Obama said he would present a plan to help prevent mortgage foreclosures.

He said he would make public more details of his economic stimulus plan soon.

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