VOICED: The former deputy governor of the Bank of England has told Sky News he was astounded that the US Government didn't step in to halt the collapse of the Lehman Brothers. The New York investment bank went under a year ago today, after posting losses of almost four billion dollars. Global financial panic ensured. Today President Obama is expected to mark the anniversary with a call for a new era of economic responsibility. Archive Banking Shots on September 14, 2009 (Footage by Sky News/Getty Images)

PRESIDENT BARACK OBAMA DELIVERS REMARKS PROMOTING HIS MY BROTHERS KEEPER ALLIANCE VOLUNTEER PROGRAM AT LEHMAN COLLEGE IN BRONX, NEW YORK - CUTS

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.

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 that have generated enormous uncertainty about the future of our financial markets. This is serious. This is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills. (0:28) /

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.

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.

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.

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.

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 ...

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.