Obama acknowledges “broad-based frustration” against banks

U.S. President Barack Obama told a news conference on Thursday the Occupy Wall St. protests that have been spreading throughout the U.S. expose the “broad-based frustration about how our financial system works.” Obama also lashed out at the financial industry, accusing banks of resisting attempts at reform to prevent another collapse. “For us to have a healthy financial system, that requires that banks and other financial institution systems compete on the basis of the best service and the best products and the best price,” he said. “And it can’t be competing on the basis of hidden fees, deceptive practices or derivative cocktails that nobody understands and that expose the entire economy to enormous risks. “