U.S. President Barack Obama on Saturday said he will not take "no" for an answer on his nominee to head a new consumer watchdog agency. President Obama has nominated former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau. President Obama said a consumer watchdog is needed to prevent Wall Street from taking advantage of Main Street. "See, for too long, the rules weren't the same on Wall Street as they were on Main Street," President Obama said in his weekly radio and online address. "Risky bets were made with other people's money. Some folks made a lot of money taking advantage of consumers. It was wrong," he said. "And this irresponsible behavior on the part of some contributed to the worst financial crisis since the Great Depression." "So I refuse to take 'no' for an answer. Financial institutions have plenty of high-powered lawyers and lobbyists looking out for them," President Obama said. "It's time consumers had someone on their side."
