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President Barack Obama Issues Warning to Bankers During Financial Speech
In a speech marking the one year anniversary of the collapse of Lehman Brothers bank U.S. President Barack Obama issued a stern warning to those in the financial industry, telling bankers that failure to learn from past mistakes will cause further ruin to the economy.
While Obama recognized the financial system was returning to normal he stressed, “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.”
Obama warned, “We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis.” The president blamed excessive risk taking with no regard for consequences as the driving force behind the economic collapse.
As part of his speech Obama assured bankers there would be no future bailout from U.S. taxpayers, demanding accountability and prudent decisions from those in the financial industry. Obama has also pledged to overhaul the regulatory system, putting more safeguards in place to prevent future collapses.
Much of that regulatory system would become the responsibility of the Federal Reserve as the central bank would have greater authority to monitor large financial institutions to ensure compliance with regulatory laws.
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