US President Barack Obama has urged the financial industry not to resist his attempts to overhaul the regulations governing them, something he wants to do to avoid another economic meltdown.
He said while the economy and the financial system are showing signs of recovery “normalcy cannot lead to complacency.” Speaking on Wall Street Obama said: “We will not go back to the days of reckless behaviour and unchecked access that was at the heart of this crisis where too many were motivated by the appetite for quick kills and bloated bonuses. Those on Wall Street cannot resume taking risks without regard for consequences.” Obama speech came on the one year anniversary of the collapse of major investment bank Lehman Brothers which set off last year’s financial crisis pushing the world into recession. Financial reform will be a key issue at next week’s G20 summit of leading developed and developing nations in the US city of Pittsburgh. With this speech, Obama was also seeking to send a message to other countries that his administration is serious about tackling weaknesses and excesses in the US financial system.