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US financial reforms far removed from political reality

Business Times - 17 Sep 2009


US financial reforms far removed from political reality

By LEON HADAR
WASHINGTON CORRESPONDENT

EXACTLY a year after the collapse of Lehman Brothers and the ensuing financial crisis, US President Barack Obama has urged Congress to move on stalled regulatory reforms of the nation's financial system. Mr Obama, who was speaking to Wall Street business leaders, also stressed that the 'the old ways that led to this crisis cannot stand', stating 'the need for change and change now'.

'We will not go back to the days of reckless behaviour and unchecked excess that was at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses,' the president insisted, as he drew attention to the way American taxpayers had 'shouldered the burden of the bailout' and were 'still bearing the burden of the fallout - in lost jobs, lost homes, and lost opportunities'.

Indeed, Main Street ha…