12:12am UK, Tuesday September 15, 2009
US President Barack Obama has warned Wall Street bankers they must not squander public trust further by awarding huge bonuses to top executives.
Obama in new warning to Wall Street
As America's economy begins to recover, he said banks must not return to the "reckless behaviour" and "unchecked excess" which he blamed for causing the worldwide financial crisis.
President Obama made his comments a year after the collapse of the Lehman Brothers investment bank, which helped triggered the meltdown.
Since then, many big banks have received huge government bail-outs using taxpayers' money.
Despite the battered banking industry starting to stabilise, he warned there were signs of complacency in the US financial system.
He said: "Unfortunately there are some in the financial industry who are reading this moment, instead of learning the lessons from Lehman and the crisis that is still recovering, they're choosing to ignore these lessons.
"They do so not just at their own peril, but at our nation's. So I want them to hear my words.
"We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses."
US President Barack Obama has warned Wall Street bankers they must not squander public trust further by awarding huge bonuses to top executives.
Obama in new warning to Wall Street
As America's economy begins to recover, he said banks must not return to the "reckless behaviour" and "unchecked excess" which he blamed for causing the worldwide financial crisis.
President Obama made his comments a year after the collapse of the Lehman Brothers investment bank, which helped triggered the meltdown.
Since then, many big banks have received huge government bail-outs using taxpayers' money.
Despite the battered banking industry starting to stabilise, he warned there were signs of complacency in the US financial system.
He said: "Unfortunately there are some in the financial industry who are reading this moment, instead of learning the lessons from Lehman and the crisis that is still recovering, they're choosing to ignore these lessons.
"They do so not just at their own peril, but at our nation's. So I want them to hear my words.
"We will not go back to the days of reckless behaviour and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses."
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