Monday, September 14, 2009

The President Speaks Harshly to Wall Street


The bailouts have largely stabilized the financial system, but regulatory reform is needed to prevent a similar crisis from happening again, said President Obama in a speech delivered Monday on Wall Street.

Marking the anniversary of the Lehman Brothers collapse, which set off a series of events that led to last fall's financial crisis, Obama cautioned Wall Street to step lightly as the economy and financial sector recover.

"Normalcy cannot lead to complacency," Obama said. "Unfortunately, there are some in the financial industry who are misreading this moment. 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," the president added.


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