Obama is asking for support to stop Wall Street risky practices

President Barack Obama rebuked Wall Street for risky practices Thursday even as he sought its leaders’ help for “updated, commonsense” regulations to head off any new financial crisis.

“Ultimately there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation. So I urge you to join me,” Obama said in a high-stakes speech near the nation’s financial hub.

The president acknowledged differences of opinion over how to best protect bailout-weary taxpayers but denounced criticism from some Republicans who claim a Democratic-sponsored bill headed for Senate action would encourage rather than discourage future bailouts of huge banks.

“That may make for a good sound bite, but it’s not factually accurate,” Obama said. He said the overhaul legislation would “put a stop to taxpayer-funded bailouts.”

Obama’s speech came at a delicate time in negotiations over the Senate measure, which could be debated next week. The House has passed its own version of financial overhaul legislation. Obama did not say which one he favored but told an audience that included dozens of financial leaders “both bills represent significant improvement on the flawed rules we have in place today.”

He portrayed his appearance at Cooper Union college, in lower Manhattan, as a reprise of a campaign speech he gave at the same location in March 2008 to offer an agenda for financial regulatory reform.

“Since I last spoke here two years ago, our country has been through a terrible trial,” he said, pointing to the loss of more than 8 million jobs, the losing of “countless small businesses,” trillions of dollars in lost savings and people forced to put off retirement or postpone college.

“I take no satisfaction in noting that my comments have largely been borne out by the events that followed,” Obama said.