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He said, and this was the clearest thing: "You need to hear what I'm saying, these rules will become law." But then he sort of appealed to a sense, if you like, of - I was going to say, of morality, of obligation, of responsibility. But so far we don't see a lot of sign of that, do we? QUEST: No. He is sort of urging them to do the right thing today. In fact, President Obama, in his speech today, sort of pointing out and realizing that there is a definite sense that any push for a change in regulation is really starting to stall, both in Washington and certainly on Wall Street where it looks likes they aren't going to do anything that they're absolutely not mandated to do by law. But now a year later, you don't really have that sense of it. People realized that the system was so close to going off the rails. I mean, certainly the feeling was very, you know, humble and chastened directly in the weeks following that. And there are an awful lot of people who say maybe not. Lehman is part of Barclays - BarCap (ph), but I'm wondering whether anybody has loaned anything? MAGGIE LAKE, CNN INTERNATIONAL CORRESPONDENT: That's the big question, of course, Richard. Let us go to outside Lehman Brothers where Maggie Lake is waiting for us.
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Hundreds of Lehman employees worked there until the events of last summer. And the headquarters, located near Times Square, a few miles north of where the president was speaking on Wall Street itself. It might have been today, the day that Lehman Brothers went bust. (END VIDEOTAPE) QUEST: Now we thought it was worthwhile, you hearing some detail there, more than a (INAUDIBLE) worth of what President Obama had to say. You don't have to wait for a law to overhaul your pay system so that folks are rewarded for long-term performance instead of short-term gains. You don't have to wait for legislation to put the 2009 bonuses of your senior executives up for a shareholder vote.
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You don't have to wait to use plain language in your dealings with consumers. And you don't have to wait for a new law to do that. But one of the most important ways to rebuild the system stronger than it was before is to rebuild trust stronger than before. Here on Wall Street, you have a responsibility. So restoring a willingness to take responsibility, even when it's hard to do, is at the heart of what we must do. Those on Wall Street cannot resume taking risks without regard for consequences. We will not go back to the days of reckless behavior 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. So I want everybody here to hear my words. I'm convinced they do so not just at their own peril, but at our nation's. (BEGIN VIDEOTAPE) BARACK OBAMA, PRESIDENT OF THE UNITED STATES: 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. A short while ago we heard from President Obama who made it clear reform is the only way forward for Wall Street. And budget deficits have gone through the roof. Governments have scrambled to keep more companies from going bust. The wealth of American households fell by $5 trillion. Borrowers found credit suddenly switched off. It was one year ago today that Lehman Brothers collapsed and triggered a chain of catastrophic events, ensuring, of course, the financial world would never be the same again.
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It was the straw that broke the camel's back. The restless (ph) lending, the love of quick profits, those bloated bonuses, have they gone away? What's next? The "Road to Recovery." I'm Richard Quest, it's Monday, but quite clearly, I mean business. It's a year since Lehman Brothers went bust. RICHARD QUEST, CNN INTERNATIONAL ANCHOR: Bankrupt, bought, or simply bailed out, the state of Wall Street as seen by President Obama. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. President Obama Gives Address on Anniversary of Financial Meltdown