It points out how the repeal of Glass-Steagall in 99 led to the large banks merging with investment firms, insurance companies, etc. In all fairness to your "friend" (I am not completely in agreement with them by the way) Obama did appoint quite a few Wall Street people, but it was after the fact. I do agree it is hard to defend Obama on those appointments.
As an aside, I actually teach business in China and showed my students the film. I (being the good teacher I am) went online and found the English subtitles and then went through the entire movie and picked out words (especially financial terms) that I thought were too difficult (some of which as a doctoral student even I didn't know, but I hate finance). My angle was that this effected everyone not just the US. There were some scenes from a factory in China and an interview with a Chinese woman who spoke pretty decent English. Needless to say most of them weren't interested, which is sad.
The Chinese in general take very short term views of things and don't look into the future. They believe they'll be able to sustain high growth, but it won't happen. Not with the world economy slowing for the last few years. Things are just starting to pick up again, so it will take time for people to buy things which means jobs everywhere will be hurting.
Ok, so I went way off topic. It's just that the movie did interest me.