Anthony Scaramucci, a hedge fund manager and a Harvard Law School classmate of Obama, spoke on behalf of Wall Street, saying, "We have felt like a pinata."

Malicious envy is what you feel when you go to your 20-year reunion and learn that the kid you couldn't stand in high school is now a hedge fund manager who earns 100 times your income.

"Hedge funds are going to need to have the same quality of compliance officers that Banks have," says Stephen Bainbridge, a professor at University of California, Los Angeles, School of Law.