President Obama’s weekly address: Holding Wall Street Accountable

President Barack Obama says the financial crisis that triggered the recession could have been avoided if Wall Street firms were more accountable, and their dealings more transparent.

(AP) President Obama says the financial crisis that triggered the recession could have been avoided. 

The President says Wall Street firms need to be more accountable and their dealings more transparent.

In his weekly radio and Internet address, the President calls for reform, including stronger consumer financial protections, new transparency on financial dealings, a closing of loopholes and new power for shareholders.

He also wants new rules to make sure that big banks and financial institutions pay for the bad decisions they make and not taxpayers.

But the President says special interests are waging a relentless campaign to thwart even basic common-sense changes. 

He says ever day we don’t act, the same system that let to bailouts remains in place.


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