Obama says some in G-20 blamed US for economic crisis, that he acknowledged American faults

Associated Press

Last update: April 2, 2009 - 2:02 PM

LONDON - President Barack Obama says some fellow G-20 leaders blamed the United States for the global economic crisis and that he acknowledged the role played by some U.S. banks and investment houses.

The president said Thursday he felt it was important to acknowledge that some American institutions were partially responsible for the worst global economic slump in decades. That fact and the interconnectedness of the world economy, he said, required the United States and its G-20 partners to call for stiffer regulation across the globe.

Obama said his willingness to look at U.S. regulatory failings enabled him to have a greater voice in producing the final communique drawn up during the London summit. It contained a heavy focus on greater regulation of the financial system in each country.

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