Obama's Charm Won't Work On Wall Street - Gasparino

According to FOX Business Network's Charles Gasparino, banks on Wall Street are becoming extremely skeptical and are losing trust in the Obama administration due to the way that it is handling the economy and its ignorance of the business world.

Gasparino said that the banks are feeling betrayed by Obama and his cabinet, after the financial institutions played an integral role in putting the President into office through campaign funding two years ago.

"The administration thinks it's a problem or else they wouldn't be doing this charm offensive. But it's going to be hard to win them back. The business community thinks the Obama administration is not just left of center but maybe socialist in tendencies."

He noted that it is not just Republicans, but in fact Democrats that are feeling betrayed, including Jamie Dimon of JPMorgan Chase & Co. (NYSE: JPM) and Lloyd Blankfein of Goldman Sachs Group Inc. (NYSE: GS).

"They (Wall Street banks) don't believe these economic advisors have any clout with the administration. Larry Summers. Senior Presidential advisor, Tim Geithner the Treasury Secretary- one guy at the major banks called them "order takers".

The banks on Wall Street also see Obama has having no experience with anything involving business, and in fact there are few members of the administration that have ever run anything, and those people are far down the pecking order.

"Jeff Immelt who criticized Obama a couple weeks ago is now on the tape saying he thinks the administration is doing the right thing, but friends of his tell me this sort of about face of his criticism of the Obama administration is a window dressing. In his heart of hearts he really believes there are problems."

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