By Martin Howell and Tamora Vidaillet
DAVOS, Switzerland, Jan 28 (Reuters) – Wall Street executives welcomed U.S. President Barack Obama’s plan to create jobs and a softening of his attack on banks, but questioned on Thursday whether proposals in his State of the Union address would become law.
Obama pushed job creation to the top of his agenda in his annual speech to Congress and vowed not to abandon his struggling healthcare overhaul after the loss of a key Senate seat in Massachusetts raised doubts about his leadership.
He renewed criticism of bankers’ “bad behavior” and of the recklessness that triggered the deepest crisis since the 1930s, but appeared to ease his assault on big banks.
“The market is probably relieved that he didn’t come out with some other nuclear attack on Wall Street,” John Studzinski, global head of the advisory group at Blackstone said.
Studzinski, a former investment banking boss, told Reuters on the sidelines of the World Economic Forum that he welcomed the plan to boost lending to small businesses, but said execution would be critical: “The devil is in the detail”.