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Obama issues warning to bankers Obama issues warning to bankers
(10 minutes later)
US President Barack Obama has warned bankers against complacency, saying that some in the industry are ignoring the lessons of the financial crisis.US President Barack Obama has warned bankers against complacency, saying that some in the industry are ignoring the lessons of the financial crisis.
"We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis," he said."We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis," he said.
He called on Wall Street to support "the most ambitious overhaul of the financial system since the Great Depression".He called on Wall Street to support "the most ambitious overhaul of the financial system since the Great Depression".
The financial system was returning to normal but had not recovered, he added.The financial system was returning to normal but had not recovered, he added.
"There are some in the financial industry who are misreading this moment," said President Obama in a speech to mark one year since the collapse of Lehman Brothers bank."There are some in the financial industry who are misreading this moment," said President Obama in a speech to mark one year since the collapse of Lehman Brothers bank.
"Instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them. They do so not just at their own peril, but at our nation's.""Instead of learning the lessons of Lehman and the crisis from which we are still recovering, they are choosing to ignore them. They do so not just at their own peril, but at our nation's."
He told Wall Street that it could not resume taking risks without regard for consequences and said they should not expect US taxpayers to again bail them out. It is incumbent on us to put in place those reforms that will prevent this crisis from ever happening again President Obama
He told Wall Street that it could not resume taking risks without regard for consequences and said they should not expect US taxpayers to bail them out again.
The speech came as UK Prime Minister Gordon Brown said that he was "appalled" that some financial firms had been continuing or even extending their bonus culture.
In a BBC interview, Mr Brown said he was determined that world leaders meeting in Pittsburgh next week would "complete the unfinished business" of cleaning up banks - including establishing rules on bonuses.
New powersNew powers
He said his administration was working on an "ambitious" overhaul of the regulatory system. President Obama said his administration was working on an "ambitious" overhaul of the regulatory system.
BBC AFTERSHOCK SEASON The BBC reports on the first anniversary of the credit crunch across radio, TV, and online. See and hear the sights and sounds of the day of the crash in our audio slideshowOur crisis timeline shows the key events as the global recession unfoldedAnd follow the money: Track the $11tn of bailout spending and see what it means for the taxpayers who funded it Listen to WS radio on the crisis Full coverage of Aftershock series
Under the proposed regulation, the White House would give the central bank, the Federal Reserve, new powers over huge financial firms and the ability to seize banks whose collapse could threaten the economy.Under the proposed regulation, the White House would give the central bank, the Federal Reserve, new powers over huge financial firms and the ability to seize banks whose collapse could threaten the economy.
Mr Obama also wants a new watchdog, the Consumer Financial Protection Agency, to oversee products like mortgages, car loans and credit cards. The Federal Trade Commission would also gain new powers to protect consumers. He also wants a new watchdog, the Consumer Financial Protection Agency, to oversee products such as mortgages, car loans and credit cards. The Federal Trade Commission would also be given new powers to protect consumers.
"It is incumbent on us to put in place those reforms that will prevent this crisis from ever happening again," President Obama said."It is incumbent on us to put in place those reforms that will prevent this crisis from ever happening again," President Obama said.
The proposals have faced opposition from the banking industry and been tied up in Congress, which has been bogged down with Mr Obama's divisive healthcare reform proposals. The proposals have faced opposition from the banking industry and been tied up in Congress, which has been bogged down with Mr Obama's healthcare reform proposals.