[Alain Minc]
LCI
OBAMA: WALL ST IMMORAL
PRESIDENT BARACK OBAMA LEHMAN COLLEGE REMARKS - CUTS
PRESIDENT BARACK OBAMA DELIVERS REMARKS PROMOTING HIS MY BROTHERS KEEPER ALLIANCE VOLUNTEER PROGRAM AT LEHMAN COLLEGE IN BRONX, NEW YORK - CUTS
OBAMA-NOT TO BAIL OUT
US Economy 3 - Obama speech on financial crisis, reax, ex-Lehman VP
NAME: US ECONOMY 3 20090914Ix TAPE: EF09/0874 IN_TIME: 10:49:31:09 DURATION: 00:02:57:01 SOURCES: AP TELEVISION/ABC/NYSE DATELINE: New York - 14 Sep 2009 RESTRICTIONS: See Shotlist SHOTLIST: NYSE New York - 14 September 2009 1. Push in to London Mayor Boris Johnson clapping before ringing closing bell 2. Mid of traders on stock exchange floor ABC - No Access North America/Internet New York - 14 September 2009 3. Wide of US President Barack Obama walking into Federal Hall, zoom in to Obama at microphones 4. Cutaway of audience applauding 5. SOUNDBITE (English) Barack Obama, US President: "The work of recovery continues, and though I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break." 6. Wide of Obama at podium 7. SOUNDBITE (English) Barack Obama, US President: "We're beginning to return to normalcy. But here's what I want to emphasise today: normalcy cannot lead to complacency. Unfortunately, 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're still recovering, they're choosing to ignore those lessons. I'm convinced they do so not just at their own peril, but at our nation's." 8. Cutaway of audience AP Television New York - 14 September 2009 9. Tilt down of former Lehman Brothers building, now Barclays Capital building 10. Close up of building street number 11. Mid of people walking into building 12. Close up of rotating doors 13. Mid of Lawrence McDonald, a former Lehman employee walking towards camera 14. SOUNDBITE: (English) Lawrence McDonald, former Lehman VP of Distressed Debt and Convertible Securities Trading: "I know people that have lost their unemployment benefits. Now they've lost their health care. There's a lot of pain. A lot of people feel like Merrill Lynch was in worse shape Lehman, A.I.G was in much, much worse shape. A lot of people feel that Lehman Brothers was singled out." AP Television FILE: New York - September 2008 15. Wide of Lehman headquarters AP Television FILE: New York - September 2008 16. Close up of Lehman Brothers sign AP Television New York - 14 September 2009 17. SOUNDBITE (English) Lawrence McDonald, former Lehman VP of Distressed Debt and Convertible Securities Trading: "I mean the story of Lehman Brothers really comes down to this one sentence - It was really 24,992 people making money and eight guys losing it." 18. Tilt up of former Lehman Brothers building, now Barclays Capital building 19. Close up of electronic Barclays sign 20. SOUNDBITE (English) Lawrence McDonald, former Lehman VP of Distressed Debt and Convertible Securities Trading: "Lehman Brothers was never rotten at the core that's where all the beauty was, she was really rotten at the head. I mean you had some very, very irresponsible things going on. You had brilliant brilliant risk takers that were trying to stop the madness, one by one by one the people in this building that tried to stop the madness were silenced. I mean at Lehman Brothers you kept your head down, you did your job or you lost both." ABC - No Access NAmerica/Internet FILE: New York - September 2008 21. Mid of Lehman employees walking out of Lehman headquarters after the collapse STORYLINE: US President Barack Obama warned Wall Street on Monday against returning to the sort of reckless and unchecked behaviour that threatened the United States with a second Great Depression. On the first anniversary of the Lehman Brothers collapse, Obama credited his administration and the 787 (b) billion US dollar stimulus package for pulling the US economy back from the brink. "The storms of the past two years are beginning to break," he said. But even as Obama said the financial system was pulling out of a downward spiral, he warned financial titans they could not count on any more bailouts. "Normalcy cannot lead to complacency," the president said. "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 those lessons," he added. Obama spoke at Federal Hall in the heart of Wall Street before an audience that included members of the financial community, lawmakers, and top administration officials. His tough message warned the financial community that the US would "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." He said Wall Street should not expect that "next time, American taxpayers will be there to break their fall." In marking his determination to prevent a repeat of the crisis that nearly brought down the global financial system a year ago, Obama said he was attacking the problem on several broad fronts, including asking Congress to approve new rules to protect consumers and a new Consumer Financial Protection Agency to enforce those rules. He also called for the closure of regulator loopholes and overlap, because he said they left key officials without the authority to take action. At the Pittsburgh G-20 economic meeting later this month, Obama said the US would focus on ways to address the underlying problems that caused such a deep and lasting global recession. Obama and others seeking ways to better monitor the financial system and police the products banks sell to consumers have been opposed by lobbyists, lawmakers and turf-protecting regulators, and even Obama's fellow Democrats have been slow to take up the cause. As traders reacted coolly to the speech warning against repeating the recklessness that led to collapse of Lehman Brothers a former employee of company said on Monday he thought Lehman Brothers was singled out. On the first anniversary of the Lehman Brothers collapse, Lawrence McDonald, a former Vice President of Distressed Debt and Convertible Securities Trading at the company, watched as Barclays Capital employees entered the building where he had worked for four years. McDonald has now written a book about the collapse of Lehman, "A Colossal Failure of Common Sense - the Inside Story of the Collapse of Lehman Brothers." McDonald regularly talks to former Lehman Brothers employees and said the effect of the collapse on some of them has been devastating. "I know people that have lost their unemployment benefits. Now they've lost their health care. There's a lot of pain," said McDonald. "A lot of people feel like Merrill Lynch was in worse shape than Lehman; A.I.G was in much, much worse shape. A lot of people feel that Lehman Brothers was singled out." McDonald believes the collapse of his former company was because of a select few executives and the bad decisions they made. London Mayor Boris Johnson, who is in the US on a four day trade mission, rang the closing bell at the New York Stock Exchange on Monday. Stocks bounced back from early losses to post moderate gains as traders funnelled money into utility and financial companies. Major market indexes ended at their highest levels in nearly a year.
OBAMA FINANCIAL SPEECH
US Banks 2 - WRAP Wall Street firm Lehman Brothers says will file for bankruptcy
NAME: US BANKS 2 20080915I TAPE: EF08/0937 IN_TIME: 10:34:40:18 DURATION: 00:03:47:19 SOURCES: AP Television/ABC/Various DATELINE: Various, Sept 2008/FILE RESTRICTIONS: see script SHOTLIST: ABC - No Access North America/Internet New York, NY - 14 September 2008 ++NIGHT SHOTS++ 1. Various of exteriors of Lehman Brothers building 2. People leaving and entering Lehman Brothers building 3. Low shot of people carrying bags 4. Various of people leaving building 5. Various of items in people's hands 6. SOUNDBITE: (English) Name not given, Lehman Brothers employee: (Q: "How's the mood in there tonight?") "It's terrible, it's terrible, people are grabbing all their stuff" 7. SOUNDBITE: (English) Name not given, Lehman Brothers employee: (Q: "What's plan B for you?") "I don't know, you know, go home, see the wife and kids, and go from there." 8. Various of people leaving Lehman building carrying bags ABC - No Access NAmerica/Internet New York, NY - 14 September 2008 9. People leaving Lehman building with security outside 10. Man entering building 11. Various of people in building lobby ++DAY SHOTS++ 12. Various of exterior of New York Federal Reserve showing security standing outside and cars leaving NYSE New York, NY - 12 September 2008 13. New York Stock Exchange floor 14. Mid of workers at NYSE ABC - No Access NAmerica/Internet New York, NY - 14 September 2008 15. SOUNDBITE: (English) Hugh Johnson, Chief Market Analyst at Johnson Illington Advisors: ++PART OVERLAYED WITH FILE PICTURES OF HOUSES UP FOR SALE++ "Lehman like so many other investment banks and banks really got, quite frankly, caught up in the housing bubble, but like every bubble, the bubble ended and now we're seeing the downside of that bubble." ABC - No Access NAmerica/Internet New York, NY - 10 September 2008 16. Wide exterior of Lehman building AP Television FILE: Washington, DC - recent 17 Various exteriors of Fannie Mae building 18. Various exteriors of Freddie Mac building ABC - No Access NAmerica/Internet FILE: Seattle, Washington - recent 19. Various exteriors of Washington Mutual building ABC - No Access NAmerica/Internet FILE: New York, NY - recent 20. Various exteriors of Bear Sterns building ABC - No Access NAmerica/Internet New York, NY - 14 September 2008 21. SOUNDBITE: Anne Mathias, Analyst, The Stanford Group: "If you just keep stepping in and keep rescuing and keep rescuing, it doesn't restore confidence by the market participants that things are ok in the market." NYSE New York, NY - 12 September 2008 22. Mid NYSE floor 23. Various of workers on NYSE trading floor ABC FILE - - No Access NAmerica/Internet Date and Locations Unknown 24. Various exteriors of Merrill Lynch 25. Various exteriors of Bank of America STORYLINE: When Wall Street woke up on Monday morning, two more of its storied firms had vanished. Lehman Brothers, burdened by 60 (b) billion US dollars in soured real-estate holdings, said it is filing for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed. On Sunday evening, people were seen leaving the Lehman Brothers building in New York carrying bags and boxes. "It's terrible, it's terrible, people are grabbing all their stuff," said one employee, who did not give her name. Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in an 50 (b) billion (US) dollar all-stock transaction. Merrill Lynch is a more attractive takeover candidate to Bank of America than Lehman is because of its size and strong position in the retail market. The demise of the independent Wall Street institutions came as shock waves from the 14-month-old credit crisis roiled the US financial system six months after the collapse of Bear Stearns. The world's largest insurance company, American International Group Inc., also was forced into a restructuring. And a global consortium of banks, working with government officials in New York, announced a 70 (b) billion (US) dollar pool of funds to lend to troubled financial companies. The aim, according to participants who spoke to The Associated Press, was to prevent a worldwide panic on stock and other financial exchanges. Ten banks - Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley and UBS - each agreed to provide 7 (b) billion (US) dollars "to help enhance liquidity and mitigate the unprecedented volatility and other challenges affecting global equity and debt markets." The Federal Reserve also chipped in with more largesse in its emergency lending program for investment banks. The central bank announced late Sunday that it was broadening the types of collateral that financial institutions can use to obtain loans from the Fed. Lehman Brothers' announcement that it is filing for bankruptcy came after all potential buyers walked away. "Lehman like so many other investment banks and banks really got, quite frankly, caught up in the housing bubble, but like every bubble, the bubble ended and now we're seeing the downside of that bubble," said Hugh Johnson, a Chief Market Analyst at Johnson Illington Advisors. Potential suitors were spooked by the US Treasury's refusal to provide any takeover aid, as it had done six months ago when Bear Stearns faltered and earlier this month when it seized Fannie Mae and Freddie Mac. "If you just keep stepping in and keep rescuing and keep rescuing, it doesn't restore confidence by the market participants that things are ok in the market," Anne Mathias, an analyst for the Stanford Group said. Futures pegged to the Dow Jones industrial average fell more than 300 points in electronic trading on Sunday evening, pointing to a sharply lower open for the blue chip index Monday morning. Asian stock markets were also falling. The stunning weekend developments took place as voters, who rank the economy as their top concern, prepare to elect a new president in seven weeks. It likely will spur a much greater focus by presidential candidates - Republican John McCain and Democrat Barack Obama - and members of Congress on the need for stricter financial regulation.
PRESIDENT BARACK OBAMA HOSTS ROUNDTABLE DISCUSSION AT LEHMAN COLLEGE
President Obama hosts roundtable discussion at Lehman College / ROUNDTABLE PARTICIPANTS INCLUDE MUSICIAN JOHN LEGEND AND CEO OF MY BROTHERS KEEPER ALLIANCE VOLUNTEER PROGRAM Joe Echevarria DC Slug: 1440 WH NY PATH2 RS34 74 AR: 16x9 NYRS: None Disc: 676 14;42;31;14 I just had an opportunity to have a conversation with some outstanding young men, many of them from here in New York, a few of them who've come from as distant as California, Boston, Jersey. 14;42;45;40 I want to thank Joe Echevarria who has been heading up our My Brother's Keeper Alliance, the private sector component of what we're doing. I'm going to have a lot more to say about that during my formal remarks but... 14;43;05;35 If you have any doubt about the incredible promise and potential of America, then you need to get to know these young men. 14;43;17;27 Because they are examples of intelligence, hard work, empathy and compassion, some street smarts. And all all these young men are going to do incredible things with their lives. Many of them are already doing incredible things with their lives. 14;43;39;53 Part of what we wanted to do was to make sure we heard directly from young people who oftentimes are growing up in really tough situations. Single parent households, low income communities, crime infested areas. We've heard stories of some of these young men being stopped and put on the ground by police for no reason. Domestic abuse inside the household. Situations where the schools don't seem to be invested in their success. 14;44;16;04 And yet, despite all of that, these young men are succeeding in some remarkable ways. 14;44;22;26 Part of what I heard from them was that they're succeeding because somewhere along the line they've received a mentor, somebody who's just paying attention to them and giving them some sense of direction. 14;44;35;09 Part of what we've heard is that they've had the opportunity in some way to participate in community service and to get involved. And have been able to show themselves that they matter and they count and they can make amazing things happen in their own communities. 14;44;53;30 And what all of them suggested is that if we're going to be successful in addressing some of the challenges that young men of color face around the country, that they're voices have to be part of how we design programs and how we address these issues. 14;45;16;28 Because they've got a lot to say. And what they say is powerful. It makes a big difference. 14;45;24;42 I just want to say to all of them how proud I am of you, how grateful I am to you. 14;45;32;06 I want to thank John Legend to participate. John has been doing a lot of work on his own time, not just around My Brother's Keeper but dealing with issues with the criminal justice system and incarceration and how we can steer and how we interact with communities of color and low income communities in a different direction so we appreciate his leadership. 14;45;55;48 I'm very excited about what we can get done. But the main reason I'm excited is because listening to all these young men I know that the future will be in good hands as long as we're giving them the support and love that they need.
OBAMA ONE YEAR LATER
US Crash Anniversary - First anniversary of Lehman Brothers' collapse
NAME: US ANNIV 20090913Ifl TAPE: EF09/0868 IN_TIME: 11:13:21:15 DURATION: 00:03:40:13 SOURCES: AP TELEVISION/ABC DATELINE: New York, 8/10 Sept 2009/FILE RESTRICTIONS: Part No Access N America/Internet SHOTLIST: AP Television FILE: New York City - September 15, 2008 1. Various exteriors of Lehman Brothers building ABC - No Access North America/Internet FILE: New York City - September 14, 2008 2. Various of Lehman employees leaving offices with personal items AP Television New York City - September 8, 2009 3. Top shot pan of NYSE trading floor 4. Tight shot of trader on floor 5. SOUNDBITE: (English) Alan Valdes, trader at NYSE: "You'd go home on a Friday with Bear Stearns. You'd come back Monday and they'd be out of business. You'd go home Friday with Merrill, you'd come back Monday they'd be gone. I mean it was just, no one ever dreamed of seeing days like that and I hope we never see them again. There was a day, when the money market broke the buck, I really thought that could be it. I really thought you could feel the trepidation in the crowd down here, it was electric that day and I really thought the markets could definitely go into a tailspin." 6. Mid shot of traders 7. SOUNDBITE: (English) Bernie McSherry, Senior Vice President for Strategic Initiatives & Cattone Company: "There was concern that the government that was in office at the time was philosophically opposed to helping anyone, in a sense, look what happened with Lehman. And I was worried they were going to drag their feet on it a few more days. I think we were within 72 hours of a collapse of the system. If they had not announced on that Thursday morning, some time over the weekend things would have started to fall apart and we would not have opened up Monday morning." 8. Tight shot of trader on floor 9. SOUNDBITE: (English) Jason Weisberg, trader with Seaport Securities: "I just remember being tired coming into work everyday. It was exhausting. It was absolutely exhausting to come into work and it was mentally punishing." 10. Zoom out from computer screen to wide of traders 11. SOUNDBITE: (English) Jonathan Corpina, senior floor trader for Meridian Equity Partners: "When you look back on it now a year later, the writing was on the wall that what was happening should have happened." AP Television FILE: New York City - September 15, 2008 New York City 12. Tight shot exterior of Lehman Brothers building AP Television New York City - September 10, 2009 13. SOUNDBITE: (English) Sam Stovall, chief investment strategist at Standard and Poor's: "Well I think what a lot of rhetoric we have been experiencing recently is that it probably was a mistake in retrospect, but they probably did what they felt was the right thing at the time. I think what's most important is you take a look at the markets' performances leading up to that September 13th/14th weekend when the decision to let Lehman go under was made and then the market carnage that occurred that Monday, the remainder of September, and then through the November low." AP Television New York City - September 8, 2009 14. Various of traders AP Television New York City - September 10, 2009 15. SOUNDBITE: (English) Sam Stovall, chief investment strategist at Standard and Poor's: "Well, I think the cynic in me says that give it a couple of years and people will forget all of this and something else will blind side them or people will convince themselves that this time it's different. But what you usually find whether we are heading up or whether we're heading down is we've gone to far in either direction, this time it is never different." AP Television New York City - September 8, 2009 16. Tracking shot of traders on floor 17. SOUNDBITE: (English) Bernie McSherry, Senior Vice President for Strategic Initiatives & Cattone Company: "Some of the closes we saw a huge influx of sellers on the bell and it was difficult to imagine how we were going to get out of that. The system itself was on the brink and fortunately for all of us it has pulled back." 18. Wide shot exterior of NYSE STORYLINE: A year ago on Monday one of the United States' historic banks, Lehman Brothers, collapsed, precipitating a near meltdown of the financial system and triggering a global recession. Lehman had lost around six (b) billion US dollars over six months on bad trading bets and its mortgage-related assets and investors and stock analysts feared the company was running out of time. Finally when the government decided Lehman wasn't "too big to fail", the storied institution, which traced its history to before the US Civil War, declared bankruptcy on September 15th. "I think we were within 72 hours of a collapse of the system," said Bernie McSherry, Senior Vice President for Strategic Initiatives & Cattone Company. But now the nation's biggest banks are bigger and regaining their appetite for risk. Goldman Sachs, JPMorgan Chase and others - which have received tens of (b) billions of dollars in federal aid - are once more betting big on bonds, commodities and exotic financial products, trading that nearly stopped during the financial crisis. That Wall Street is making money again in essentially the same ways that thrust the banking system into chaos last fall is reason for concern on several levels, financial analysts and government officials say. There have been no significant changes to the federal rules governing their behaviour. Proposals that have been made to better monitor the financial system and to police the products banks sell to consumers have been held up by lobbyists, lawmakers and turf-protecting regulators. Through mergers and the failure of Lehman Brothers, the mammoth banks whose near-collapse prompted government rescues have gotten even bigger, increasing the risk they pose to the financial system. And they still make bets that, in the aggregate, are worth far more than the capital they have on hand to cover against potential losses. The government's response to last year's meltdown was to spend whatever it takes to protect the financial system from collapse - a precedent that could encourage even greater risk-taking from the private sector. No one is predicting another meltdown from risky trading in the near term. Rather, the concern is what happens over time as banks' confidence grows and the memory of the financial crisis of 2008 fades. Will they pile on bets to the point that a new asset bubble forms and - as happened with mortgage-backed securities - its undoing endangers banks and the broader economy? Sam Stovall, chief investment strategist at Standard and Poor's, believes history is, at some point, likely to repeat itself. "Well I think the cynic in me says that give it a couple of years and people will forget all of this and something else will blind side them or people will convince themselves that this time it's different," he said. One trader said that the financial collapse in 2008 had in fact been predictable. "When you look back on it now a year later, the writing was on the wall that what was happening should have happened, Jonathan Corpina, senior floor trader for Meridian Equity Partners, said. Wall Street's recent recovery is also being aided by a stock-market rally that has driven the S&P 500 index up nearly 54 percent since March 9, when it hit a 12-year low. Despite the return to profitability, these aren't the high-octane days from before the crisis. To qualify for government backing, the biggest Wall Street firms are no longer allowed to supercharge their returns by borrowing up to 30 times the value of their assets to place bets on stocks, bonds and other investments. The Obama administration has also proposed measures to diminish the risk posed by large banks. They include forcing banks to hold more capital to cover losses and trying to increase the transparency of markets in which banks trade the most complex - and potentially risky - financial products. One major component of the Obama plan - creating an agency to oversee the marketing of financial products to consumers - will be difficult to pass in Congress. Industry lobbying against it and other proposed financial rules has been fierce.
OBAMA- QMB SOTS
US Economy - Obama delivers speech on financial crisis; traders reax
NAME: US ECONOMY 20090914I TAPE: EF09/0872 IN_TIME: 10:23:56:21 DURATION: 00:03:00:04 SOURCES: AP TELEVISION/ABC DATELINE: New York - 14 September 2009 RESTRICTIONS: See Shotlist SHOTLIST ABC - No Access North America/Internet 1. Wide of US President Barack Obama walking into Federal Hall, zoom in to Obama at microphones 2. Cutaway of audience applauding 3. SOUNDBITE: (English) Barack Obama, US President: "The work of recovery continues. And though I will never be satisfied while people are out of work and our financial system is weakened, we can be confident that the storms of the past two years are beginning to break." 4. Wide of Obama at podium 5. SOUNDBITE: (English) Barack Obama, US President: "We're beginning to return to normalcy. But here's what I want to emphasise today: normalcy cannot lead to complacency. Unfortunately, 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're still recovering, they're choosing to ignore those lessons. I'm convinced they do so not just at their own peril, but at our nation's." 6. Cutaway of audience 7. SOUNDBITE: (English) Barack Obama, US President: "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. Those on Wall Street cannot resume taking risks without regard for consequences, and expect that next time, American taxpayers will be there to break their fall." AP Television 8. Wide of trader on floor of New York Stock Exchange watching Obama's speech 9. Close-up of trader watching speech 10. SOUNDBITE: (English) Alan Valdes, Vice President of Trading, Trebek Securities: "He mentioned the regulation and we do want to see some type of regulation. He mentioned compensation. We do want to see a cap on compensation because we think it is out of control right now and that's bad for the economy, it gives a bad perception of Wall Street and right now Wall Street needs all the juice, all the power it can get so we want things to turn around a little." 11. Various of traders watching speech 12. SOUNDBITE: (English) Jonathan Corpina, senior floor trader for Meridian Equity Partners: "The things I like that he said, were about enforcing regulation and stronger regulation. I think it is something we have always looked at and always realised that the reasons, the problems that we've had are due to lack of regulation on our markets." 13. Close-up of trader talking on phone 14. Various of traders watching speech STORYLINE: US President Barack Obama warned Wall Street on Monday against returning to the sort of reckless and unchecked behaviour that threatened the nation with a second Great Depression. On the first anniversary of the Lehman Brothers collapse, Obama credited his administration and the 787 (b) billion US dollar stimulus package for pulling the US economy back from the brink. "The storms of the past two years are beginning to break," he said. But even as Obama said the financial system was pulling out of a downward spiral, he warned financial titans they cannot count on any more bailouts. "Normalcy cannot lead to complacency," the president said. "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 those lessons," he added. Obama spoke at Federal Hall in the heart of Wall Street before an audience that included members of the financial community, lawmakers, and top administration officials. His tough message warned the financial community that the US "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." He said Wall Street should not expect that "next time, American taxpayers will be there to break their fall." On the floor of the New York Stock Exchange many traders watched the speech from their trading booths. Jonathan Corpina, senior floor trader for Meridian Equity Partners, was positive about Obama's pledge to strengthen regulation. "I think it is something we have always looked at and always realised that the problems that we had are due to lack of regulation on our markets," he said. In marking his determination to prevent a repeat of the crisis that nearly brought down the global financial system a year ago, Obama said he was attacking the problem on several broad fronts, including asking Congress to approve new rules to protect consumers and a new Consumer Financial Protection Agency to enforce those rules. He also called for the closure of regulator loopholes and overlap, because he said they left key officials without the authority to take action. At the Pittsburgh G-20 economic meeting later this month, Obama said the US will focus on ways to address the underlying problems that caused such a deep and lasting global recession. Obama and others seeking ways to better monitor the financial system and police the products banks sell to consumers have been opposed by lobbyists, lawmakers and turf-protecting regulators, and even Obama's fellow Democrats have been slow to take up the cause.
OBAMA/WALL ST. NEWS
00:00:00:15 The news from Wall Street has shaken the American people's faith in our economy, and the situation with Lehman Brothers and other financial institutions is the latest in a wave of crises t ...
OBAMA/FUNDAMENTALS
00:00:00:15 we just woke up to news of financial disaster and this mprning he said the fundamentals are still strong senhator mccain what economy are you talking about? (0:23) /
US Economy 2 - WRAP Bush on US economy, comments from Paulson, Obama, McCain
NAME: US ECONOMY2 20080915I TAPE: EF08/0939 IN_TIME: 10:21:23:15 DURATION: 00:03:04:19 SOURCES: AP TELEVISION/ABC DATELINE: Various - 15 Sept 2008 RESTRICTIONS: see script SHOTLIST: AP TELEVISION Washington, DC - 15 September 2008 1. Wide of US President George W. Bush walking out of the White House with Ghana President John Kufuor 2. Cutaway of US Secretary of State Condoleezza Rice and Ghana delegation in Rose Garden 3. SOUNDBITE (English) George W. Bush, US President: "I know Americans are concerned about the adjustments that are taking place in our financial markets. At the White House and throughout my administration, we are focused on them. And we're working to reduce disruptions and minimise the impact of these financial market developments on the broader economy." AP TELEVISION Washington, DC - 15 September 2008 4. Side shot Henry Paulson, US Treasury Secretary at podium 5. SOUNDBITE: (English) Henry Paulson, US Treasury Secretary: "Well, as you know we are working through a difficult period in our financial markets right now as we work off some of the past excesses. But the American people can remain confident in the soundness and the resilience of our financial system." 6. Cutaway reporters 7. SOUNDBITE: (English) Henry Paulson, US Treasury Secretary: "The situation in March and the situation and the facts around Behr Sterns were very, very different to the situation we are looking at here in September and I never once considered that it was appropriate to put taxpayer money on the line with ... in resolving Lehman Brothers." ABC - No Access N America/Internet Jacksonville, Florida - 15 September 2008 8. Wide shot of Republican presidential nominee John McCain and wife Cindy McCain on stage at rally 9. SOUNDBITE: (English) John McCain, Republican presidential nominee: "People are frightened by these events, our economy I think still - the fundamentals of our economy are strong - but these are very, very difficult time and I promise you, we will never put America in this position again. We will clean up Wall Street, we will reform government and this is a failure." ABC - No Access N America/Internet Orlando, Florida - 15 September 2008 10. Wide shot of John McCain in front of crowd 11. SOUNDBITE: (English) John McCain, Republican presidential nominee: "We'll put an end, as I said, to running Wall Street like a casino." ABC - No Access N America/Internet Grand Junction, Colorado - 15 September 2008 12. SOUNDBITE: (English) Barack Obama, Democratic presidential nominee: "The result is the most serious financial crisis since the Great Depression and I certainly don't fault Senator John McCain for these problems but I do fault the economic philosophy that he subscribes to, because it is the same philosophy we have had for the last eight years, one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else." ++SHOT DISSOLVES INTO NEXT++ 13. SOUNDBITE: (English) Barack Obama, Democratic presidential nominee: "Well now, instead of prosperity trickling down, the pain has trickled up from the struggles of hardworking Americans on Main Street to the largest firms on Wall Street. This country cannot afford four more years of this failed philosophy." 14. Wide shot Obama on stage STORYLINE: US President George W. Bush declared Monday the US economy is healthy enough to withstand "the adjustments that are taking place" in the financial markets. Bush issued a statement during a joint appearance at the White House with visiting Ghanian President John Kufuor. "I know Americans are concerned about the adjustments that are taking place in our financial markets," he conceded. "At the White House and throughout my administration, we are focused on them. And we're working to reduce disruptions and minimise the impact of these financial market developments on the broader economy." The president's comments came as Lehman Brothers Holdings Inc. filed for bankruptcy, Merrill Lynch & Co. was forced to sell itself to Bank of America, and the world's largest insurance company plans to announce a major restructuring. Speaking a short time later to reporters in the White House briefing room, Treasury Secretary Henry Paulson said the American people can remain confident in the "soundness and resilience in the American financial system." Paulson said he "never once" considered it would be appropriate to put taxpayer money at risk to resolve the problems at Lehman Brothers. Over the weekend Paulson participated in three tense days of negotiations at the New York Federal Reserve Bank in which he held firm to the position that the federal government would not step in and supply any money to resolve the crisis at Lehman. With chaos rocking Wall Street, Senators Barack Obama and John McCain blamed Washington policies for the financial turmoil as each presidential candidate sought to be seen as the most likely to bring the change that voters want on their No. 1 issue _ the fragile economy. In a day of speeches and statements, neither White House hopeful offered any fresh ideas for turning around an economy in despair. But McCain certainly gave Obama ammunition. "The fundamentals of our economy are strong, but these are very, very difficult times, so I promise you: We will never put America in this position again," the Republican told voters in Jacksonville, Florida. Later, speaking in Orlando, Florida; McCain said: "We'll put an end, as I said, to running Wall Street like a casino." In Colorado, Obama bemoaned "the most serious financial crisis since the Great Depression," and faulted McCain's domestic policy agenda as the same as those of President Bush. "Instead of prosperity trickling down, the pain has trickled up from the struggles of hardworking Americans on Main Street to the largest firms on Wall Street." Obama added: "This country cannot afford four more years of this failed philosophy." With seven weeks left in the campaign, both candidates are grappling to seize control of the economy as a central campaign issue and find a message that resonates with anxious voters fretting about their retirement nest eggs, home mortgages and job security.
US Candidates - Obama and Palin comments on US economy
NAME: US CANDIDATES 20080921I TAPE: EF08/0962 IN_TIME: 10:06:16:04 DURATION: 00:02:06:11 SOURCES: ABC DATELINE: Various - 21 Sept 2008 RESTRICTIONS: No Access NAmerica/Internet SHOTLIST: Charlotte, 21 September 2008 1. Wide of Democratic Presidential Candidate Barack Obama shaking hands with supporters 2. SOUNDBITE: (English) Barack Obama, Democratic Presidential Candidate: "The era of greed and irresponsibility on Wall Street and in Washington has led us to a perilous moment. They said they wanted to let the market run free but instead they let it run wild and now we're facing a financial crisis as profound as any that we've seen since the Great Depression." 3. Cutaway of crowd 4. SOUNDBITE: (English) Barack Obama, Democratic Presidential Candidate: "I know we can steer ourselves out of this crisis. This isn't the time for fear, it's not the time for panic; it's the time for resolve and it's the time for leadership. We can steer our way out of this crisis because that's who we are and that's what we've always done as Americans." Orlando, 21 September 2008 5. Wide of stage at Republican Vice Presidential Candidate, Sarah Palin, rally 6. SOUNDBITE: (English) Sarah Palin, Republican Vice Presidential Candidate: "The first thing John McCain is going to do is get our economy back on track. I know you've been watching the news lately. It's, like a lot of Americans feeling today, you all too. People in Florida are, and should be, outraged. Huge financial institutions going under because of their own bad practices, and now asking the public to bail them out. Federal agencies aren't defending the public interest and we've got some reckless CEOs (Chief Executive Officers) that are walking off with multi-million dollar golden parachutes. These problems started with corruption and manipulation in the whole mortgage system. Now, two years ago there was one man who stood up and warned us about the problems at Fannie May and Freddie Mac, it was John McCain." 7. Wide of Palin family on stage STORYLINE: US Presidential Candidates Barack Obama and John McCain have both given grudging support to the Bush administration's 700 (bn) billion US dollar bad debt bailout proposal. However, Democrats said that the administration's spare three-page plan must be expanded to include help for everyday Americans as well as the big Wall Street financial firms who have lost billions of dollars through their bad investment decisions. Speaking at a campaign rally in Charlotte, North Carolina on Sunday, Democratic candidate Barack Obama remained optimistic about resolving the growing economic crisis. "I know we can steer ourselves out of this crisis," said Obama. "This isn't the time for fear, it's not the time for panic; it's the time for resolve and it's the time for leadership," he added. But Obama blamed the Bush administration's lack of market regulation for the recent economic slow-down. "The era of greed and irresponsibility on Wall Street and in Washington has led us to a perilous moment," said Obama. Meanwhile at a campaign rally in Orlando, Florida, Republican Vice-presidential Nominee Sarah Palin pointed her finger at the private sector, accusing financial institutions of mismanagement and corruption. "Huge financial institutions going under because of their own bad practices, and now asking the public to bail them out," said Palin. "Federal agencies aren't defending the public interest and we've got some reckless CEOs that are walking off with multi-million dollar golden parachutes," she added. She said told supporters: "the first thing John McCain is going to do is get our economy back on track". The Bush administration insisted on Sunday that Congress must move quickly to approve what one lawmaker called the "mother of all bailouts", a US dollar 700 (bn) billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation's credit markets. Treasury Secretary Henry Paulson stressed that time was critical to get the proposal passed and that changes to the administration's measure, which was sent to lawmakers on Saturday, could delay that approval, further unsettling global financial markets. In the past two weeks, the government has taken over the country's two biggest mortgage companies, Fannie Mae and Freddie Mac, and its biggest insurance company, American International Group Inc., and stood by while the nation's fourth-largest investment bank, Lehman Brothers, was forced to declare bankruptcy and another investment giant, Merrill Lynch, was forced to sell itself to Bank of America.
OBAMA FINANCIAL SPEECH HO
13:31:16:15 12: 02:20 Thank you all for being here and for your warm welcome. It's a privilege to be in historic Federal Hall. It was here more than two centuries ago that our first Congress served an ...
US Candidates - Obama and McCain on the campaign trail
NAME: US CANDIDATES 20080918I TAPE: EF08/0951 IN_TIME: 11:23:47:14 DURATION: 00:02:32:08 SOURCES: ABC DATELINE: Various - 18 Sept 2008 RESTRICTIONS: No Access North America/Internet SHOTLIST Cedar Rapids, Iowa 1. US Republican presidential nominee John McCain and Republican vice presidential nominee Sarah Palin waving to crowd, and disembarking campaign plane 2. McCain and Palin on airport tarmac, walking towards event 3. McCain and Palin shaking hands with cheering supporters 4. Zoom in to Palin and McCain waving to cheering supporters at campaign rally 5. SOUNDBITE: (English) John McCain, Republican Presidential Nominee: "The chairman of the SEC (Securities and Exchange Commission) serves at the appointment of the president and in my view has betrayed the public trust. If I were president today I would fire him." UPSOUND: crowd applause 6. Cutaway of supporters at rally 7. SOUNDBITE: (English) John McCain, Republican Presidential Nominee: "We can't wait any longer for more failures in our financial system." Espanola, New Mexico 8. Wide of cheering supporters at Democrat campaign rally 9. SOUNDBITE: (English) Barack Obama, Democratic Presidential Nominee: "This is not a time for fear, it's not a time for panic, this is a time for resolve and it is a time for leadership. ++UPSOUND: crowd applause++ I know that we can steer ourselves out of this crisis. That's who we are. That's what we've always done as Americans." 10. Wide of campaign rally 11. SOUNDBITE: (English) Barack Obama, Democratic Presidential Nominee: "Today he said he's calling for the firing of the Securities and Exchange Commission. Well, I think that's all fine and good, but here's what I say: in the next 47 days, you can fire the whole trickle-down, on-your-own, look-the-other-way crowd in Washington who have led us down this disastrous path. Don't just get rid of one guy, get rid of this administration, get rid of this philosophy, get rid of the do-nothing approach to our economic problems and put somebody in there who's going to fight for you." 12. Wide of rally STORYLINE US Republican presidential candidate John McCain, battling to distance himself from the Bush administration and blame for the worst economic instability in nearly 80 years, called for the firing of the chief regulator of US financial markets on Thursday. Speaking at a campaign rally in Cedar Rapids, Iowa, accompanied by his running mate, Alaska Governor Sarah Palin, McCain said he would fire the Securities and Exchange Commission chairman, Christopher Cox, and vowed to create a trust to work with the private sector and regulators to identify weak financial institutions and work to strengthen them. "The chairman of the SEC (Securities and Exchange Commission) serves at the appointment of the president and in my view has betrayed the public trust," McCain said. "If I were president today, I would fire him." The SEC polices the US financial marketplace. "We can't wait any longer for more failures in our financial system," McCain said, to rapturous applause from rally supporters. American voters' No. One concern in this election is the faltering economy, despite protracted wars in Iraq and Afghanistan. And as the stock market plummets and American financial giants go out of business or find themselves struggling to survive, McCain's post-convention bounce, mainly driven by his surprise pick of Palin as the party's first female vice presidential nominee, has vanished. National polls suggested that McCain's edge had slipped since the upheaval in the US financial landscape. The latest CBS News-New York Times national survey showed Obama leading McCain by a margin of 48 percent to 43 percent, a swing of seven percentage points in just a week. The poll also found Americans believed Obama was more likely than McCain to bring needed change to Washington by a 65-to-37 percentage-point margin. The latest Gallup Poll daily tracking survey also put Obama ahead, with 48 percent to McCain's 44 percent. A poll by Pew Research Centre gave the Democrat a slight two percentage-point lead, a statistical tie. Meanwhile, at a campaign rally in Espanola, New Mexico, Obama responded to McCain's call by arguing that a complete administration change was needed. "Don't just get rid of one guy, get rid of this administration, get rid of this philosophy, get rid of the do-nothing approach to our economic problems and put somebody in there who's going to fight for you," Obama said. He also appealed for calm amid continued financial insecurities in the US economy. "This is not a time for fear, it's not a time for panic, this is a time for resolve and it is a time for leadership," he said, to cheers from rally supporters. "I know that we can steer ourselves out of this crisis. That's who we are. That's what we've always done as Americans." The ripple effects from the meltdown of the US economy continued on Thursday as the stock market shot up dramatically after even greater losses on Monday and Wednesday. The market had fallen steeply in response to the bankruptcy of storied Wall Street investment bank Lehman Brothers, the decision of a second powerful investment house to sell itself at a fire-sale price and the Federal Reserve's 85 (b) billion US dollar intervention to save the country's largest insurance company from collapse.
++Canada G8 3
AP-APTN-1830: ++Canada G8 3 Saturday, 26 June 2010 STORY:++Canada G8 3- NEW Roundtable discussions, Harper, Sarkozy presser LENGTH: 03:45 FIRST RUN: 1830 RESTRICTIONS: AP Clients Only TYPE: English/French/Nat SOURCE: POOL STORY NUMBER: 649650 DATELINE: Huntsville - 26 June 2010 LENGTH: 03:45 POOL - AP CLIENTS ONLY SHOTLIST: 1. Canadian Prime Minister Stephen Harper greets European Union President Herman Van Rompuy and Italian Prime Minister Silvio Berlusconi as they walk into the meeting room 2. German Chancellor Angela Merkel shakes hands with British Prime Minister David Cameron 3. Japanese Prime Minister Naoto Kan shaking hands with meeting official 4. US President Barack Obama walks into room, shakes hands with Berlusconi, then with Kan, Sarkozy and Harper 5. Wide pan of meeting room, leaders all seated 6. Obama, Sarkozy and Harper all talking prior to meeting 7. Wide of Harper walking to podium 8. SOUNDBITE (English) Stephen Harper, Canadian Prime Minister: "The governments of Iran and North Korea have chosen to acquire weapons to threaten their neighbours. The world must see to it that what they spend on these weapons will not be the only costs that they incur." 9. Wide of Harper speaking 10. SOUNDBITE (English) Stephen Harper, Canadian Prime Minister: "I think what we all recognise is the following: that what we must avoid, at just about all costs, is some kind of cataclysmic event, along the lines of Lehman Brothers. We can't afford some particular event that would cause a series of cascading events and a downward spiral of confidence in global markets." 11. Wide side shot of Harper 12. SOUNDBITE (English) Stephen Harper, Canadian Prime Minister "We realise challenges remain pretty severe. That said, I think there's a general recognition around the G-8 table that we have to continue to put our shoulder to the wheel to ultimately ensure that what we leave behind is a stable Afghanistan that will be a positive contributor to world security and not a potential source of terrorism or a potential failed state. We all agree that this remains an overriding, essential objective for all of the countries of the world." 13. Cutaway of G-8 logo in media room 14. SOUNDBITE (French) Nicolas Sarkozy, French President : "On North Korea there were no disagreements, but rather the opposite. The willingness of all the G-8 members to convince our Chinese friends to be as severe as we are against North Korea and to have as much solidarity as us with South Korea. I would also like to pay tribute to (South Korean) President Lee who reacted like a statesman to the death of, circa, forty South Korean marines in such a tragedy. So there is really a consensus amongst everyone to condemn the irresponsible action by North Korea." 15. Wide top shot of the Deerhurst Resort, where the G-8 leaders have been meeting STORYLINE: The leaders of the world's eight top industrial democracies on Saturday condemned the alleged sinking by North Korea of a South Korean warship and called on Iran to halt its suspect nuclear program and do more to respect human rights. The G8 countries - the US, Britain, France, Germany, Italy, Canada, Japan and Russia - also called current restrictions on the flow of goods to Gaza "unsustainable," and sketched out a five-year exit strategy on Afghanistan. But the joint statement by the so-called Group of Eight powers did not go as far as some nations, including the United States and Japan, wanted. The statement was released at the end of a meeting in Canada of the eight powers and before a larger group of 20 nations convenes that also includes fast-growing economies like China. Speaking to reporters at the conclusion of the talks, Canadian Prime Minister Stephen Harper said, "the governments of Iran and North Korea have chosen to acquire weapons to threaten their neighbours. The world must see to it that what they spend on these weapons will not be the only costs that they incur." Harper also told reporters there was a consensus among world leaders that "we can't afford some sort of cataclysmic event" like the collapse of Lehman Brothers in 2008. And he said the G-8 leaders remain "very engaged and very watchful of those situations." The G-8 leaders turned to foreign policy matters after finding themselves at odds on how to continue to spur world economic growth in the aftermath of the worst recession since the 1930s. The countries were divided over whether to continue government stimulus spending, as the United States wants, or to cut mushrooming deficits, as Europe and Japan want. On Iran, the US and European nations are pushing other countries to join them in imposing tough new sanctions on Tehran over its suspect nuclear programme, a move that would build on expanded Security Council measures adopted this month. But China and Russia only reluctantly supported those sanctions and have balked at new unilateral steps against Iran. On Afghanistan, the joint G-8 statement said that a conference in Kabul in July would be an important setting for assessing progress in implementing commitments made in January to train more than 100-thousand additional Afghan security forces by the end of next year. The G-8 leaders said it was important to accelerate efforts to make sure the country's own security forces can "assume increasing responsibility within five years." Harper said there was a "general recognition around the G-8 table that we have to continue to put our shoulder to the wheel to ultimately ensure that what we leave behind is a stable Afghanistan that will be a positive contributor to world security and not a potential source of terrorism or a potential failed state." On the March sinking of the South Korean warship Cheonan, the leaders cited a report by an international commission that found that the ship had been sunk by a North Korean torpedo. French President Nicolas Sarkozy denied there was any disagreement among G-8 leaders on North Korea. "On North Korea there were no disagreements, but rather the opposite. The willingness of all the G-8 members to convince our Chinese friends to be as severe as we are against North Korea and to have as much solidarity as us with South Korea," said Sarkozy at a news conference after talking with the leaders. "I would also like to pay tribute to (South Korean) President Lee who reacted like a statesman to the death of, circa, forty South Korean marines in such a tragedy. So there is really a consensus amongst everyone to condemn the irresponsible action by North Korea," he added. The G-8 discussions took place at a resort in Canada's forested Muskoka lakes region. The leaders then took helicopters back to Toronto for the G-20 meetings which expands the group to include major emerging economic powers such as China, India and South Korea. President Barack Obama gave British Prime Minister David Cameron a ride in Marine One. The two were scheduled to have one-on-one talks later in the day. Clients are reminded: (i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: infoaparchive.com (ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service (iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory. APTN APEX 06-26-10 1529EDT
US Candidates - Candidates on campaign trail, comment on economy
NAME: US CANDIDATES 20080922I TAPE: EF08/0965 IN_TIME: 10:58:52:17 DURATION: 00:03:29:14 SOURCES: ABC DATELINE: Various, 22 Sept 2008 RESTRICTIONS: No Access NAmerica/Internet SHOTLIST: Scranton, Pennsylvania 1. Republican Presidential Candidate Senator John McCain walking in to campaign event 2. Wide of McCain 3. SOUNDBITE: (English) Senator John McCain, Republican Presidential Candidate: "I'm greatly concerned about the plan that gives a single individual the unprecedented power to spend one trillion (US) dollars, one trillion dollars, without any meaningful accountability. Never before in the history of our nation has so much power and money been concentrated in the hands of one person, a person I admire and respect a great deal, Secretary Paulson. This arrangement makes me deeply uncomfortable. When we're talking about trillion dollars of taxpayer money, trust me just isn't good enough." 4. Wide of McCain 5. SOUNDBITE: (English) Senator John McCain, Republican Presidential Candidate: "This oversight board should be bipartisan and should have qualified citizens, who have no agenda but the protection of taxpayers and the financial markets. People like Warren Buffet, who supports my opponent, Governor Mitt Romney or maybe Michael Bloomberg, an independent, to oversee this. The firms we help need accountability too. We can't have taxpayers footing the bill for bloated golden parachutes like we see in the Lehman Brothers bankruptcy." Green Bay, Wisconsin 6. Zoom to mid of Democratic Presidential Candidate Senator Barack Obama walking onto stage at campaign event 7. Wide of Obama on stage, cheering supporters in foreground 8. SOUNDBITE: (English) Senator Barack Obama, Democratic Presidential Candidate: "This week, we have to work quickly, in a bipartisan fashion, to resolve the immediate crisis and to avert an even broader economic catastrophe. As we do act, Washington has to recognise that true economic recovery requires addressing not just the crisis on Wall Street, but the crisis on Main Street that so many people have been feeling, in their own lives, long before the news of last week. We need a plan that helps families stay in their homes and workers keep their jobs. A plan that gives hard-working Americans relief, instead of using taxpayer dollars to reward CEOs on Wall Street." 9. Pan from Obama to audience 10. SOUNDBITE: (English) Senator Barack Obama, Democratic Presidential Candidate: "You remember this, George Bush called this the ownership society; lose your job, you're on your own, you don't have health care, you're on your own, you can't afford college, pull yourself up by your boot straps, you're on your own. John McCain voted for those laws and those policies again and again and again, and he now claims that he is the one that can clean it all up. I've got to admit, I don't know how these folks say this with a straight face. I mean, who do you think has been running the government for the last eight years, whose been in charge for the last eight years?" 11. Obama walking away STORYLINE: Republican John McCain and Democrat Barack Obama raised doubts on Monday about the Bush administration's 700 billion (b) US dollar bailout and demanded conditions that could stall its quick passage through the highly partisan Congress. Less than six weeks remained in the presidential contest as the candidates were preparing for their first debate on Friday, a confrontation on foreign policy and national security. Those issues, despite ongoing wars in Iraq and Afghanistan, have slid to a distant second place behind voter anxiety over the US economy, which is in the midst of a financial crisis not seen since the 1930s Great Depression. McCain, who only a week ago said the economy was fundamentally sound, now says the US financial system is facing a major crisis. But he cautioned against giving too much power to Treasury Secretary Henry Paulson. "Never before in the history of our nation has so much power and money been concentrated in the hands of one person," McCain told an Irish-American group in Pennsylvania, a key battleground state. "This arrangement makes me deeply uncomfortable." McCain, while praising Paulson, still cautioned against granting unchecked authority to the treasury secretary. "When we're talking about trillion dollars of taxpayer money, trust me just isn't good enough," he said. McCain said he had spoken to Paulson several times over the weekend. But the Republican candidate nonetheless called for a bipartisan oversight board for the proposed bailout, to be headed by Warren Buffet or another broadly respected business leader. McCain called on Congress to move quickly and work with the administration to restore stability to the troubled financial sector. But he said the goal of any action must be to allow homeowners to stay in their homes and prevent Wall Street executives from profiting from a taxpayer bailout. McCain also criticised Obama's stance on the current crisis in the US economy. In Green Bay, Wisconsin, Obama sounded a number of populist themes, saying of the economic bailout that a blank cheque shouldn't be given without oversight and accountability. He vowed to slash federal spending on private contractors by 10 percent in an effort to cut costs to help the failing economy, singling out Haliburton, the giant oil services company that won millions of US dollars in no-bid contracts in Iraq. Vice President Dick Cheney ran the company before moving into the Bush administration. Obama urged Congress to work in a bipartisan fashion to deal with Bush's bailout proposal. Obama said "we have to work quickly, in a bipartisan fashion, to resolve the immediate crisis and to avert an even broader economic catastrophe. As we do that, Washington has to recognise that true economic recovery requires not only addressing the crisis on Wall Street, but the crisis on Main Street." Obama said he's spent the last two years running for president on a promise of change, and he mocked McCain's argument he could bring change to Washington. He also argued: "You remember this, George Bush called this the ownership society; lose your job, you're on your own, you don't have health care, you're on your own, you can't afford college, pull yourself up by your boot straps, you're on your own." "John McCain voted for those laws and those policies again and again and again, and he now claims that he is the one that can clean it all up." "I've got to admit, I don't know how these folks say this with a straight face. I mean, who do you think has been running the government for the last eight years, whose been in charge for the last eight years?" he added. Obama and his wife, Michelle, were campaigning in Wisconsin, another battleground state. McCain was to be joined in Pennsylvania by running mate Sarah Palin, the Alaska governor who has brought new life to the Republican ticket.
US Markets - Dow Jones up slightly ahead of break for Thanksgiving
NAME: US MARKETS 20081126I TAPE: EF08/1190 IN_TIME: 10:18:31:06 DURATION: 00:01:04:11 SOURCES: AP TELEVISION/NYSE DATELINE: New York, 26 Nov 2008 RESTRICTIONS: SHOTLIST New York Stock Exchange 1. Closing bell at NYSE 2. Trading floor AP Television 3. SOUNDBITE (English) Art Hogan, Chief market analyst at Jeffries & Co: "It's a market that is sort of looking at a low volume day, there's fewer participants today because of the holiday. It's also looking at a market that in the short run has had a significant run and it's also dealing with disseminating a lot of news, so it's not surprising to see the kind of waffling and fluctuations we've seen in the Dow." New York Stock Exchange 4. Electronic trading board AP Television 5. SOUNDBITE (English) Art Hogan, Chief market analyst at Jeffries & Co: "Clearly in the near term, yeah, we're out of a near term slump. We've probably have bottomed out of the market, but that said, it doesn't mean we can't go back and re-test those bottoms and it certainly doesn't mean we're going to have any sort of V-shaped recovery or immediate snap-back to more normal stock prices." 6. Trader working 7. Trader typing on keyboard 8. Traders working STORYLINE: A stock market gaining confidence in the US financial system rose higher on Wednesday, propelling the Dow Jones industrials and Standard and Poor's 500 index to their first four-day advance since last spring. The market reversed losses from earlier in the session after US President-elect Barack Obama pledged he would have a plan to deal with the nation's economic crisis on his first day in office. The major indexes built on their gains through the afternoon, but analysts cautioned that this latest advance came on light pre-holiday volume. The Dow is up 1,150 during the past four days, and the S&P 500 up almost 90. Still, the market was putting together a string of advances that seemed impossible to achieve in the depths of selling that began in mid-September after the collapse of Lehman Brothers Holdings. Tuesday's gain gave the Dow and the S&P 500 index their first triple-session advances in more than two months. Analysts said some of the turnaround in stocks was due to the fact that the economic news was expected to be bad. Further, volume was about half of its normal levels on the New York Stock Exchange, with one billion shares traded, which can exacerbate price movements. The Dow industrials rose 247.14, or 2.91 percent, 8,726.61. The Dow has not had four straight gains since April 15-18. In the three sessions ended Tuesday, it rose more than 900 points. Broader indicators also rose. The S&P 500 advanced 30.29, or 3.53 percent, to 887.68; it last had a four-day winning streak May 27-30. The Nasdaq composite index rose 67.37, or 4.60 percent, to 1,532.10. The Russell 2000 index of smaller companies rose 25.45, or 5.74 percent, to 468.63. Advancing issues outnumbered decliners by 3 to 1 on the NYSE.
PRESIDENT BARACK OBAMA LEHMAN COLLEGE REMARKS - STIX
PRESIDENT BARACK OBAMA DELIVERS REMARKS PROMOTING HIS MY BROTHERS KEEPER ALLIANCE VOLUNTEER PROGRAM AT LEHMAN COLLEGE IN BRONX, NEW YORK - STIX President Barack Obama remarks at My Brother's Keeper event at Lehman College in New York DC Slug: 1400 WH NY PATH1 RS33 73 AR: 16x9 Disc # 677 NYRS: WASH3 (4523) OBAMA: Hello, New York. (APPLAUSE) Give Darnel a big round of applause for that introduction. (APPLAUSE) Thank you so much. Thank you. Everybody please have a seat. We are so proud of Darnel. We want to thank him for being such a great role model for other students here in New York and around the country. I want to give a shout out to a friend of mine, who happens to be your assemblyman, Michael Blake. (APPLAUSE) Where's Michael? He was around here somewhere. There he is. You got to stand up, Michael. (LAUGHTER) We're still teaching him about politics. (APPLAUSE) When the president introduces you, you gotta stand up. (LAUGHTER) Get some TV time. So Mike grew up in tough circumstances as well. He worked hard, went to a good college. He joined my campaign, worked in the White House. Now, he's in public office to make sure that other young people like him have every chance in the world, so we couldn't be prouder of him. It's -- it's great to see. (APPLAUSE) So I'm getting practice from Malia and Sasha leaving home. I've got all these incredible young people who worked on the White House staff who are now doing all kinds of great things. I want to thank all the members of Congress and elected officials who are in the house. You've got a couple of proud Lehman graduates. Eliot Engel. (APPLAUSE) Where's Eliot? There, he is. And Jose Serrano. (APPLAUSE) 14:58:47 And we've got some more folks. We've got three other folks from the New York delegation. Gregory Meek (sic). (APPLAUSE) The always dapper Charlie Rangel. (APPLAUSE) The outstanding Yvette Clarke. (APPLAUSE) And visiting from Florida, Frederica Wilson. (APPLAUSE) 14:59:17 But they all share the same passion that I do, and that is making sure every young person in this country has opportunity. That's why we're all here today, because we believe in the idea that no matter who you are, no matter what you look like, no matter where you came you from, no matter what your circumstances were, if you work hard, if you take responsibility, then America's a place where you can make something of your lives. 14:59:46 And I want to thank Lehman for hosting us here today and our community college system, the CUNY system, our public-education institutions. They're all pathways for success, and we're very proud of 0 OBAMA: Hello, New York. (APPLAUSE) Give Darnel a big round of applause for that introduction. (APPLAUSE) Thank you so much. Thank you. Everybody please have a seat. We are so proud of Darnel. We want to thank him for being such a great role model for other students here in New York and around the country. I want to give a shout out to a friend of mine, who happens to be your assemblyman, Michael Blake. (APPLAUSE) Where's Michael? He was around here somewhere. There he is. You got to stand up, Michael. (LAUGHTER) We're still teaching him about politics. (APPLAUSE) When the president introduces you, you gotta stand up. (LAUGHTER) Get some TV time. So Mike grew up in tough circumstances as well. He worked hard, went to a good college. He joined my campaign, worked in the White House. Now, he's in public office to make sure that other young people like him have every chance in the world, so we couldn't be prouder of him. It's -- it's great to see. (APPLAUSE) So I'm getting practice from Malia and Sasha leaving home. I've got all these incredible young people who worked on the White House staff who are now doing all kinds of great things. I want to thank all the members of Congress and elected officials who are in the house. You've got a couple of proud Lehman graduates. Eliot Engel. (APPLAUSE) Where's Eliot? There, he is. And Jose Serrano. (APPLAUSE) And we've got some more folks. We've got three other folks from the New York delegation. Gregory Meek (sic). (APPLAUSE) The always dapper Charlie Rangel. (APPLAUSE) The outstanding Yvette Clarke. (APPLAUSE) And visiting from Florida, Frederica Wilson. (APPLAUSE) But they all share the same passion that I do, and that is making sure every young person in this country has opportunity. That's why we're all here today, because we believe in the idea that no matter who you are, no matter what you look like, no matter where you came you from, no matter what your circumstances were, if you work hard, if you take responsibility, then America's a place where you can make something of your lives. And I want to thank Lehman for hosting us here today and our community college system, the CUNY system, our public-education institutions. They're all pathways for success, and we're very proud of what they do. 15:00:04 You know, everything that we've done since I've been president past six and a half years, from rescuing the economy to giving more Americans access to affordable health care to reforming our schools for all of our kids, it's been pursuit -- it's been in pursuit of that one goal, creating opportunity for everybody. We can't guarantee everybody's success. But we do strive to guarantee an equal shot for everybody who's willing to work for it. But what we've also understood for too long is that some communities have consistently had the odds stacked against them. There's a tragic history in this country that has made it tougher for some. And folks living in those communities, and especially young people living in those communities, could use some help to change those odds. It's true of some rural communities where there's chronic poverty. It's true of some manufacturing communities that have suffered after factories they depended on closed their doors. It's true for young people of color, especially boys and young men. 15:01:27 You all know the numbers. By almost every measure, the life chances of the average young man of color is worse than his peers. Those opportunity gaps begin early, often at birth, and they compound over time, becoming harder and harder to bridge, making too many young men and women feel like no matter how hard they try, they may never achieve their dreams. And that sense of unfairness and of powerlessness, of people not hearing their voices, that's helped fuel some of the protests we've seen in places like Baltimore and Ferguson and right here in New York. 15:02:14 The catalysts of those protests were the tragic deaths of young men and a feeling that law is not always applied evenly in this country. In too many places in this country, black boys and black men, Latino boys, Latino men, they experience being treated differently by law enforcement, in stops and in arrests and in charges and in incarcerations. The statistics are clear up and down the criminal justice system. There's no dispute. That's why one of the many things we did to address these issues was to put together a task force on community policing. And this task force was made up of law enforcement and of community activists, including some who had led protests in Ferguson, some who had led protests here in New York, young people whose voices needed to be heard. And, what was remarkable was law enforcement and police chiefs and sheriffs and county officials working with these young people, they came up with concrete proposals that if implemented would rebuild trust and help law enforcement officers do their jobs even better, and keep them and their communities even safer. 15:03:31 And what was clear from this task force was the recognition that the overwhelming majority of police officers are good and honest and fair and care deeply about their communities. And they put their lives on the line every day to keep us safe. And their loved ones wait and worry until they come through the door at the end of their shift. As many of you know, New York's finest lost one of its own today, Officer Brian Moore, who was shot in the line of duty on Saturday night, passed away earlier today. He came from a family of police officers. And the family of fellow officers he joined in the NYPD and across the country deserve our gratitude and our prayers, not just today but every day. They've got a tough job. (APPLAUSE) Which is why in addressing the issues in Baltimore or Ferguson or New York, the point I made was that if we're just looking at policing, we're looking at it too narrowly. If we ask the police to simply contain and control problems that we ourselves have been unwilling to invest and solve, that's not fair to the communities. It's not fair to the police. 15:04:56 What we gathered here to talk about today is something that goes deeper than policing. It speaks to who we are as a nation and what we're willing to do to make sure that equality of opportunity is not an empty word. Across the country and in parts of New York and parts of New Jersey and parts of my home town in Chicago, there are communities that don't have enough jobs, don't have enough investment, don't have enough opportunity. You've got communities with 30 or 40 or 50 percent unemployment. And they've been struggling long before the economic crisis of 2007-2008. Communities without enough role models; communities where too many men who could otherwise be leaders, who could provide guidance for young people, who could be good fathers and good neighbors and good fellow citizens, are languishing in prison over minor nonviolent drug offenses. 15:05:57 There's no shortage of people telling you who and what is to blame for the plight of these communities. But I'm not interested in blame. I'm interested in responsibility and I'm interested in results. And that's why... (APPLAUSE) 15:06:20... that's why we've partnered with cities to get more kids access to quality early childhood education, no matter who they are or where they're born. It's why we've partnered with cities to create promise zones to give a booster shot to opportunity. That's why we've invested in ideas from support for new moms to summer jobs for young people, to helping more young people afford a college education. And that's why over a year ago, we launched something we call My Brother's Keeper, an initiative to address those persistent opportunity gaps and ensure that all of our young people, but particularly young men of color, have a chance to go as far as their dreams will take them. It's an idea that we pursued in the wake of Trayvon Martin's death because we wanted the message sent from the White House in a sustained way that his life mattered, that the lives of the young men who are here today matter, that we care about your future not just sometimes, but all the time, In every community in America, there are young people with incredible drive and talent and they just don't have the same kinds of chances that somebody like me had. They're just as talented as me, just as smart. They don't get a chance. And because everyone has a part to play in this process, we brought everybody together. We brought business leaders and faith leaders, mayors, philanthropists, educators, entrepreneurs, athletes, musicians, actors -- all united around the simple idea of giving all our young people the tools they need to achieve their full potential. And we were determined not to just do a feel-good exercise, to write a report that nobody would read. You know, to do some announcement and then once the TV camera has gone away and, you know, there weren't protests or riots, then somehow we went back to business as usual. We wanted something sustained. And for more than a year, we've been working with experts to identify some of the key milestones that matter most in every young person's life, from whether they enter school ready to learn, to whether they graduate ready for a career. Are they getting suspended in school? Can we intervene there? Are they in danger of falling into the criminal justice system? Can we catch them before they do? Key indicators that we know will make a difference. 15:09:07 If a child's reading by the third grade at grade level, we know they've got a chance of doing better. If they aren't involved with the criminal justice system and aren't suspended while they're in school, we know they've got a chance of doing better. So there are certain things that we knew would make a difference. And we've looked at which programs and policies actually work in intervening at those key periods. Early childhood education works. Job apprenticeship programs work. Certain mentoring programs work. And we've identified which strategies make a difference in the lives of young people like mentoring or violence prevention and intervention. And because we knew this couldn't be the work of just the federal government, we challenged every community in the country -- big cities, small towns, rural countries, tribal nations -- to publicly commit to implementing strategies to help all young people succeed. And as a result, we've already got more than 200 communities across the country who are focused on this issue. They're on board and they're doing great work. They're sharing best practices. They're sharing ideas. All of this has happened just in the last year. 15:10:15 And the response we've gotten in such a short amount of time -- the enthusiasm and the passion we've seen from folks all around the country proves how much people care about this. You know, sometimes politics may be cynical. The debate in Washington may be cynical. But when you get on the ground and you talks to folks, folks care about this. They know that how well we do as a nation depends on whether our young people are succeeding. That's our future workforce. They know that if you've got African-American or Latino men here in New York who, instead of going to jail, they're going to college, those are going to be taxpayers. They're going to help build our communities. They will make our communities safer. They aren't part of the problem. They're potentially part of the solution if we treat them as such. So we've made enormous progress over the last year. But today, after months of great work on the part of a whole lot of people, we're taking another step forward with people from the private sector coming together in a big way. We're here for the launch of the My Brother's Keeper Alliance, which is a new nonprofit organization of private sector organizations and companies that have committed themselves to continue the work of opening doors for young people, all our young people, long after I've left office. (APPLAUSE) It's a big deal. I want to thank the former CEO of Deloitte, Joe Echevarria, who's been involved for a long time. He has taken the lead on this alliance. Joe, stand up. You've done an incredible job. (APPLAUSE) 15:12:15 Just like the My Brother's Keeper overall effort that we launched last year, Joe and My Brother's Keeper's Alliance, they're all about getting results. They've set clear goals to hold themselves accountable for getting those results. Doubling the percentage of boys and young men of color who read at grade level by the third grade. Increasing their high school graduation rates... (APPLAUSE) ... by 20 percent. Getting 50 more -- 50,000 more of those young men into post-secondary education or training. 15:12:45 They've already announced $80 million in commitments to make this happen, and that is just the beginning. And they've got a great team of young people who helped to work on this, a lot of them from Deloitte. We appreciate them so much. We're very proud of the great work that they did. But here's what the business leaders who are here today -- and Joe certainly subscribes to this -- will tell you. They're not doing this out of charity. 15:13:07 The organizations that are represented here ranging -- as varied as -- from Spring to BET -- they're not doing it just to assuage society's guilt. They're doing this because they know that making sure all of our young people have the opportunity to succeed is an economic imperative. 15:13:37 These young men, all our youth, are part of our workforce. If we don't make sure that our young people are safe and healthy and educated and prepared for the jobs of tomorrow, our businesses won't have the workers they need to compete in the 21st century global economy. Our society will lose in terms of productivity and potential. America won't be operating at full capacity, and that hurts all of us. 15:14:03 So they -- they know that there's an economic rationale for making this investment. But, frankly, this is also about more than just economics. It's about values. It's about who we are as a people. 15:14:20 You know, Joe grew up about a mile from here, in the Bronx. And as he and I were sitting there listening to some incredible young men in a round table discussion, many of them from this community, their stories were our stories. So for Joe and I, this is personal. Because in these young men, we see ourselves. 15:14:50 The stakes are clear, and these stakes are high. At the end of the day, what kind of society do we want to have? What kind of country do we want to be? It's not enough to celebrate the ideals that we're built on: liberty for all and justice for all and equality for all. Those can't just be words on paper; the work of every generation is to make those ideals mean something concrete in the lives of our children, all of our children. And we won't get there as long as kids in Baltimore or Ferguson or New York or Appalachia or the Mississippi delta or the pine ridge reservation believe that their lives are somehow worth less. We won't get there when we have impoverished communities that have been stripped away of opportunity. And we're in the -- in the richest nation on Earth. Children are born into abject poverty. We won't be living up to our ideals when their parents are struggling with substance abuse or are in prison or unemployed and when fathers are absent and schools are substandard and jobs are scarce and drugs are plentiful. We won't get there when there are communities where a young man is less likely to end up in college than jail, or dead, and feels like his country expects nothing else of him. 15:16:25 America's future depends on us caring about this. If we don't, then we will just keep on going through the same cycles of periodic conflict. We ask police to go into communities where there's no hope. Eventually, something happens because of the tensions between society and these communities, and the police are just on the front lines of that. And people tweet outrage, and the TV cameras come, and they focus more on somebody setting fire to something or turning over a car than the peaceful protests and the thoughtful discussions that are taking place. 15:17:15 And then some will argue, "Well, all these social programs don't make a difference," and we cast blame, and politicians talk about poverty and inequality and then gut policies that help alleviate poverty or reverse inequality. (APPLAUSE) 15:17:42 And then we wait for the next outbreak or problem to flare up, and we go through the same pattern all over again, so that in effect, we do nothing. 15:18:00 There are consequences to inaction, there are consequences to indifference, and they reverberate far beyond the walls of the projects, the borders of the barrio the roads of the reservation. They sap us of our strength as a nation. It means we're not as good as we could be. And over time, it wears us out. Over time it weakens our nation as a whole. 15:18:35 The good news is it doesn't have to be this way. We can have the courage to change. We can make a difference. We can remember that these kids are our kids. "For these are all our children," Jane Baldwin once wrote. We will all profit by or pay for whatever they become. And that's what My Brother's Keeper is about. That's what this alliance is about. And we are in this for the long haul. We're going to keep doing our work at the White House on these issues. Sometimes, it won't be a lot of fanfare. I notice we don't always get a lot of reporting on this issue when there's not a crisis in some neighborhood. But we're just going to keep on plugging away. And this will remain a mission for me and for Michelle not just for the rest of my presidency but for the rest of my life. (APPLAUSE) 15:19:44 And the reason's simple, like I said before. I know it's true for Joe. It's true for John Legend, who was part of our roundtable. It's true for Alonzo Mourning, who's here as part of our board. We see ourselves in these young men. I grew up without a dad. I grew up lost sometimes and adrift, not having a sense of a clear path. The only difference between me and a lot of the other young men in this neighborhood and all across the country is that I grew up in an environment that was a little more forgiving. And at some critical points, I had some people who cared enough about me to give me a second chance or a third chance or give me a little guidance when I needed it. Or to open up a door that might otherwise have been closed. I was lucky. Alex Santos is lucky too. Where's Alex? Alex is here. Stand up, Alex. (APPLAUSE) So, Alex was born in Puerto Rico, grew up in Brooklyn and the Bronx, in some tough neighborhoods. When he was 11 he saw his mom's best friend, a man he respected and looked up to, shot and killed. His older brothers dropped out of school, got caught up in drugs and violence. So Alex didn't see a whole lot of options for himself, couldn't envision a path to a better future. He then dropped out of school. But then his mom went back to school and got her GED. She set an example. That inspired Alex to go back and get his GED. Actually, it's more like she stayed on him until he went back. (LAUGHTER) And I know, because just like I was lucky, I also had a mom who used to get on my case about my studies, so I could relate. 15:21:48 But this is what Alex says about his mom: "She made me realize that no matter what, there's a second chance in life." So today Alex is getting his GED. He's developed a passion for sports. His dream is to one day work with kids as a coach and set an example for them. He says he never thought he could go to college. Now he believes he can. All Alex wants to be is a good role model for his younger brothers, Carlos and John, who are bright and hardworking and doing well in school. And he says, "They matter so much to my life and I matter to theirs." So Alex and his brothers and all the young people here, all the young ones who are out there struggling, the simple point to make is you matter. You matter to us. 15:22:40 It was interesting during the round table, we asked these young men, incredible, gifted young man, like Darynel. Asked them what advice would you give us? And they talked about mentor programs and they talked about, you know, counseling programs and guidance programs in schools. But one young man, Malaki, he just talked about we should talk about love. (APPLAUSE) Because -- because Malaki-- because Maliki and I have shared the fact that our dad wasn't around and that sometimes we wondered why he wasn't around and what had happened. 15:23:28 But, really, that's what this comes down to is, do we love these kids? (APPLAUSE) 15:23:39 See, if -- if we feel like because they don't look like us or they don't talk like us or they don't live in the same neighborhood as us, that they're different, that they can't learn or they don't deserve better or it's OK if their schools are run down. Or it's OK if the police are given a mission just to contain them rather than to encourage them. Then it's not surprising that we're gonna lose a lot of them. 15:24:33 But that's not the kind of country I want to live in. That's not what America's about. So my message to Alex and Malaki and Darynel and to all the young men out there and young boys who aren't in this room haven't yet gotten that helping hand, haven't yet gotten that guidance, I want you to know you matter. You matter to us. You matter to each other. There's nothing, not a single thing, that's more important to the future of America than whether or not you and young people all across this country can achieve their dreams. And we are one people and we need each other. We should love every single one of our kids, and we should show that love, not just give lip service to it, not just talk about it in church and then ignore it. Not just you know, have a seminar about it, and not deliver. It's hard. We've got an accumulation of not just decades, but in some cases centuries of trauma that we're having to overcome. But if Alex is able to overcome what he's been through, then we as a society should be able to overcome what we've been through. If Alex can put the past behind him and look towards the future, we should be able to do the same. So, I'm going to keep on fighting and everybody here is going to keep on fighting to make sure that all of our kids have the opportunity to make of their lives what they will. 15:26:25 Today is just the beginning. We're going to keep at this for you, the young people of America, for your generation and for all generations to come. So thank you. God bless you. God bless all of you. God bless America. (APPLAUSE)
SKorea Finance 2
AP-APTN-1830: SKorea Finance 2 Saturday, 5 June 2010 STORY:SKorea Finance 2- REPLAY Finance ministers comment after G20 summit meeting LENGTH: 02:29 FIRST RUN: 1330 RESTRICTIONS: AP Clients Only TYPE: Korean/English/Nat SOURCE: AP TELEVISION STORY NUMBER: 647517 DATELINE: Busan - 5 June 2010 LENGTH: 02:29 AP TELEVISION - AP CLIENTS ONLY SHOTLIST: 1. Finance Minister of Korea Jeung-Hyung Yoon walks onto podium 2. Wide of Yoon speaking 3. Cutaway of media 4. Korean officials 5. SOUNDBITE: (Korean) Jeung-Hyung Yoon, Korean Finance Minister: "The recent events highlight the importance of sustainable public finances and the need for our countries to put in place credible, growth-friendly measures, to deliver fiscal sustainability, differentiated for and tailored to national circumstances. Those countries with serious fiscal challenges need to accelerate the pace of consolidation." 6. Cutaway of media 7. Wide of the conference hall 8. SOUNDBITE: (Korean) Jeung-Hyung Yoon, Korean Finance Minister: "We, the G20 finance ministers and central bank governors, met at a critical juncture to firmly secure the global recovery and address the economic challenges and risks. The global economy continues to recover faster than anticipated, although at an uneven pace across countries and regions. However, the recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international cooperation." 9. Various of media 10. US Treasury Secretary Timothy Geithner walking to podium 11. Wide of Geithner at podium 12. SOUNDBITE: (English) Timothy Geithner, US Treasury Secretary: "A necessary part of that process of reform, and the Chinese leader has acknowledged this and committed, is to resume what they call the reform of their exchange rate mechanism." 13. Cutaway of reporters 14. Wide of Geithner at podium 15. SOUNDBITE: (English) Timothy Geithner, US Treasury Secretary: "The United States is moving aggressively to fix things we got wrong and to strengthen our economic fundamentals. And we will give our full support to the G20 agenda of growth and reform." 16. Cutaway of reporters 17. Close up of journalists' laptop 18. Wide of Jim Flaherty, Canadian Finance Minister, at podium 19. SOUNDBITE: (English) Jim Flaherty, Canadian Finance Minister "The debate on possible ex ante (before the event) bank levies has been a distraction from these core issues. It was apparent again that most G20 members do not support the concept of a universal levy." 20. Mid of officials 21. Close-up of Flaherty 22. Wide of the press centre STORYLINE: Finance ministers and central bankers from the world's leading economies agreed on Saturday on the need to cooperate in fending off financial market turmoil and keeping the world economic recovery on track. In a statement that will serve as an outline for talks later this month by national leaders, including US President Barack Obama, the Group of 20 endorsed rescue policies for Europe and the need to rebalance growth by supporting more domestic demand and greater trade by developing countries. The agreement included no major new initiatives, but it bridged differences over details of far-reaching financial reforms with calls to step up regulatory changes and cut back on massive budget deficits. "The recent volatility in financial markets reminds us that significant challenges remain and underscores the importance of international cooperation," the statement said. Countries must "put in place credible, growth-friendly measures, to deliver fiscal sustainability," it said, noting that the policies would have to fit each country's unique situation. Europe's sovereign debt crisis has sparked worries that the global economy could succumb to a second downturn following the meltdown sparked by the collapse of US investment bank Lehman Brothers in 2008. The group welcomed measures taken by the European Union, the European Central Bank and the IMF, including a one (t) trillion dollar bailout, to help countries cope with the fallout from unsustainably high debt levels. US Treasury Secretary Timothy Geithner emphasised the US commitment to rebalancing growth. "The United States is moving aggressively to fix things we got wrong and to strengthen our economic fundamentals. And we will give our full support to the G-20 agenda of growth and reform," he said. He also said that China's currency was discussed, but only in the context of the need for "a more flexible exchange rate policy" to help rebalance its economy toward greater reliance on domestic demand. The US has urged China to move faster in loosening controls that keep its currency, the yuan, tethered to the US dollar and thus undervalued, giving its exporters an advantage in overseas markets. Officials said that Hungary's warning on Thursday that it could face a Greek-style financial meltdown added urgency to the talks. The euro fell below 1.20 US dollars for the first time in more than four years in reaction to the news. But European officials insisted that worries about Hungary and the euro were overblown. The G-20, founded in 1999, shifted its focus to crisis management after the Lehman Brothers collapse. In addition to its annual finance meetings, it has been holding summits since late 2008. A chief concern is how to rein in ballooning fiscal deficits without hobbling growth. The G-20 is working hard on technical details for reforming financial regulations and participants said there was a basic consensus for the first time on the need for banks and other financial institutions to bear the burden for government bailouts and other interventions. "The financial sector should make a fair and substantial contribution toward paying for any burdens associated with government interventions," the statement said. Yoon Jeung-hyun, South Korea's minister of strategy and finance and host of the meetings, acknowledged that debate over some issues - especially a possible universal tax on banks to help pay for bailouts - was heated. "It was apparent that most G-20 members do not support the concept of a universal levy," said Canadian Finance Minister Jim Flaherty, whose government was opposed on the grounds its banks had not needed government intervention during the recent crises. Instead, participants said they agreed that a range of policy alternatives should be considered. Some members worry that an increase in the capital reserves banks must hold to cushion themselves against potential loan losses - another item on the agenda - could hinder lending, possibly hobbling access for financing vital for the recovery. Clients are reminded: (i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: infoaparchive.com (ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service (iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory. APTN APEX 06-05-10 1447EDT
OBAMA FINANCIAL REFORM BILL REMARKS STIX
President Barack Obama gives remarks on the senate passage of the financial reform bill. STIX. PRESIDENT OBAMA: Good afternoon, everybody. 16:43:34 With today's vote in the Senate, the United States Congress has now passed a Wall Street reform bill that will bring greater economic security to families and businesses across the country. It was clear from the moment it began that this recession was not the result of your typical economic downturn. It was the result of recklessness and irresponsibility in certain corners of Wall Street that infected the entire economy -- irresponsibility that cost millions of Americans their jobs, and millions more their hard-earned savings. It's why businesses can't get credit, and why families haven't been able to see appreciation in their home values; in fact, the values of their homes have plummeted. Even before the financial crisis that led to this recession, I spoke on Wall Street about the need for common-sense reforms 16:44:28 to protect consumers and our economy as a whole. But the crisis came, and only underscored the need for the kind of reform the Senate passed today: reform that will protect consumers when they take out a mortgage or sign up for a credit card, reform that will prevent the kind of shadowy deals that led to this crisis, reform that would never again put taxpayers on the hook for Wall Street's mistakes. The reform that Congress passed today will accomplish these goals. It is a bill that was made possible, first and foremost, by the tireless efforts of Chairman Chris Dodd 16:45:07 and Congressman and Chairman Barney Frank, as well as the leadership of Harry Reid and Nancy Pelosi. I am extraordinarily grateful for their determination in the face of a massive lobbying effort from the financial industry. And I'm also grateful for all the members of Congress who stood on the side of reform, including three Republican senators who put politics and partisanship aside today to vote for this bill. The financial industry is central to our nation's ability to grow, to prosper, to compete and to innovate. This reform will foster that innovation, not hamper it. It's designed to make sure that everyone follows the same set of rules so that firms compete on price and quality, not on tricks and traps. 16:45:57 It demands accountability and responsibility from everybody. It provides certainty to everyone from bankers to farmers to business owners to consumers. And unless your business model depends on cutting corners or bilking your customers, you have nothing to fear from this reform. For all those Americans who are wondering what Wall Street reform means for you, here's what you should expect. If you've ever applied for a credit card, a student loan, a mortgage, you know the feeling of signing your name to pages of barely understandable fine print. It's a big step for most families, and one that's often filled with unnecessary confusion and apprehension. As a result, many Americans are simply duped into hidden fees and loans they just can't afford by companies who know exactly what they're doing. 16:46:50 Those days will soon end. From now on, every American will be empowered with the clear and concise information you need to make financial decisions that are best for you. This bill will crack down on abusive practices and unscrupulous mortgage lenders. It'll reinforce the new credit-card law we passed banning unfair rate hikes and ensure that folks aren't unwittingly caught by overdraft fees when they sign up for a checking account. It will give students who take out college loans clear information and make sure lenders don't cheat the system. And it will ensure that every American receives a free credit score if they are denied a loan or insurance because of that score. All told, this reform puts in place the strongest consumer financial protections in history. And it creates a new consumer watchdog to enforce those protections. Because of this reform, the American people will never again be asked to foot the bill for Wall Street's mistakes. 16:47:48 There will be no more taxpayer-funded bailouts, period. If a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy. There will be new rules to end the perception that any firm is too big to fail, so that we don't have another Lehman Brothers or AIG. Because of reform, the kind of complex backroom deals that helped trigger this financial crisis will finally be brought into the light of day. And from now on, shareholders and other executives can know that shareholders will have greater say on the pay of CEOs, so that they can reward success instead of failure and help change the perverse incentives that encourage so much reckless risk-taking in the past. In short, Wall Street reform will bring greater security to folks on Main Street, 16:48:42 to families who are looking to buy their first home or send their kids to college, to taxpayers who shouldn't have to pay for somebody else's mistakes or irresponsibility, to small businesses, community banks and credit unions who play by the rules, to shareholders and investors who want to see their companies grow and thrive. Now, already the Republican leader in the House has called for repeal of this reform. I would suggest that American can't afford to go backwards. And I think that's how most Americans feel as well. We can't afford another financial crisis just as we're digging out from the last one. Now I said when I took office we can't simply rebuild this economy on the same pile of sand, on maxed-out credit cards, houses used like ATM machines, or overleveraged firms on Wall Street. 16:49:31 We need to rebuild on a firmer, stronger foundation for economic growth. That's why we invested in renewable energy that's currently creating new jobs all across America. It's why we're reforming our education system, so that our workers can compete in the global economy. That's why we passed health reform that will lower costs for families and businesses. And that's why I'm about to sign Wall Street reform into law, to protect consumers and lay the foundation for a stronger and safer financial system, one that is innovative, creative, competitive and far less prone to panic and collapse. Along with the steps we're taking to spur innovation, encourage hiring and rein in our deficits, this is how we're ultimately going to build an economy that is stronger and more prosperous than it was before and one that provides opportunity for all Americans. Thanks very much. Q Sir, are you encouraged that the oil has stopped flowing in the Gulf? 16:50:25 PRESIDENT OBAMA: I think it is a positive sign. We're still in the testing phase. I'll have more to say about it tomorrow. 16:50:35 walk away END.