Obama Calls for More Transparency on Wall Street

From New York Daily News:

Barack Obama calls for more open, transparent Wall St.

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.