Banker Turned White House Chief Of Staff Hits Wall Street As Out Of Touch With Americans

Bill Daley White House

Photo: AP Photo/Jose Luis Magana

White House Chief of Staff Bill Daley criticised Wall Street as being out of touch with most Americans in an interview with CNBC’s John Harwood.Harwood pressed Daley, a former JP Morgan executive, to explain why Wall Street rises up against Obama when he proposes reforms, prompting a charge of “super sensitivity” on the part of some people in the financial sector to criticism.

“And you know what? A lot of people in the financial sector have done quite well, I being one of them. And the influence that the financial sector has on our economy is way beyond what it ever had. And there’s a bad side to that.”

The White House has stepped up its criticism of Wall Street, drawing itself close to the ‘Occupy’ protests spreading nationwide.

Daley on Wall Street being disconnected from the rest of the country:

“There is a disconnect in some parts of the financial sector with what really is going on out there in America and the pain that’s out there. Someone who’s making $125,000 is in the top five per cent of income earners in America. So most of the assistants to the leaders of Wall Street or other major businesses probably are in the top five per cent of the earners in America. They probably wouldn’t consider themselves the wealthiest of Americans, but that’s the change that’s happened. And the effect of that is a lot of uncertainty for those who are not that fortunate.”

In the interview, Daley refused to speculate why his friend Jamie Dimon decided to meet with Mitt Romney — or acknowledge that Wall Street has largely abandoned President Barack Obama’s reelection campaign.

Read the complete interview here >

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