William Cohan, the former senior investment banker turned bestselling author, said the Obama administration’s plans for reforming US financial regulation completely miss the point of what prompted the economic collapse - Wall Street’s lack of accountability in the way it rewards itself. Financial News has gathered a selection of responses to Obama’s proposals from around the Web.

• Cohan, author of The Last Tycoons: The Secret History of Lazard Freres & Co, and House of Cards: A Tale of Hubris and Wretched Excess on Wall Street, wrote on The Daily Beast that Wall Street's reckless millionaires are getting a free pass.