Wall Street is not a metaphor for greed. It is greed itself. In his radio program, the US president lashed out for the second time in less than a week at the financial market of his country. Obama warns that the US economic situation “is going to get worse before improving.” He also attacked what he called “arrogance and greed” of Wall Street. Obama is up against the likes of Gordon Gekko, the Wall Street corporate raider whose character Michael Douglas deftly played in Oliver Stone’s 1987 film ‘Wall Street.’

Finally, there is an American figure of authority who stares American greed in the eye and calls a spade a spade.

Earlier, Obama expressed outrage over reports of bonuses given to Wall Street executives in 2008 despite massive job cuts, financial losses, and government rescue plans. He was appalled upon knowing that even while demanding assistance from taxpayers, Wall Street firms paid nearly $20 billion in bonuses and perks to highers up in the financial industry. Wall Street has always been known for excesses, after all.

Obama is now demanding for an “unprecedented transparency, rigorous monitoring and clear accounts” for the funds that are intended to stabilize the financial system. This may be a complete reversal of how the financial industry operates away from the mainstream public eye. The wheelin’-and-dealin’ in Wall Street is almost executive privilege. With Obama opening the box, Wall Street may yet cease to be an enigma of greed.

Such is the price to pay when private sector bungles up, leaving itself with no choice but to let government in. With government funds infused into major financial and business institutions, the taxpayers’ government will now be privy to how secrets are carried out in the financial industry – that is, if secrets can still exist. With Obama around, Gordon Gekko’s kind will soon be a vanishing breed in a place where “greed is good.”

Image

Via Channel 4 News