Barack
Obama called yesterday for greater openness and transparency on Wall
Street in advance of his unveiling today of a tax relief plan for the
middle class.
During a
speech at Nasdaq in Times Square, Obama denounced a "what's good for me
is good enough" mentality that has crept into certain corners of
Washington and the business world.
"We
will not tolerate 'what's good for me is good enough' any longer -
because the only thing that's good enough is what's best for America,"
he said.
Obama (D-Ill.)
proposed an immediate investigation of the relationship and business
practices of rating agencies and their clients. And citing the subprime
mortgage crisis as an example, he called for more disclosure and
accountability in the housing market and credit card industry.
Today,
during a speech in Washington, Obama plans to discuss his proposal to
modernize and simplify the tax code, with specific initiatives
providing a tax break to middle-class Americans, seniors and homeowners.