Obama Tells Wall Street to Shape Up

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Speaker: The President is telling the financial industry to cut out risky behavior. Speaking from Federal Hall in New York City on the anniversary of the Lehman's Brothers collapse, President Obama said some Wall Street firms haven't learned from the crisis. He urged them to overhaul their pay systems to reward long-term performance instead of short-term gains, and he said the industry should let shareholders vote on executive bonuses. Bonuses paid to Merrill Lynch employees are back under the microscope. The New York attorney general is readying charges against Bank of America's executives alleging when they bought Merrill Lynch, they didn't tell shareholders about big payouts to Merrill workers or big losses at that company. A federal judge has also rejected a 33 million dollar settlement Bank of America reached with the SEC over similar allegations. The judge called that amount trivial and said the matter should go to trial. Worries about a growing trade dispute with China kept a lid on any big stock market gains. The Dow Jones Industrial Average added 21 points. The NASDAQ composite gained 10. The pharmaceutical industry is getting a dose of fresh layoffs. Drug maker Eli Lilly has announced it will slash 5500 jobs to cut costs and speed up the development of new medications. For more business headlines, be sure to log onto CBS MoneyWatch.com. At the New York Stock Exchange, I'm Alexis Christoforous.

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