Following are excerpts from the unofficial transcript of CNBC's "1 Year Later: Reflections from the Street," anchored by CNBC's Maria Bartiromo. The program features interviews with John Mack, Morgan Stanley Chairman & CEO; Vikram Pandit, Citi CEO; Robert Diamond, Barclays President; and Larry Fink, Blackrock Chariman & CEO.

CNBC's "1 Year Later: Reflections from the Street" airs tonight, Sunday, September 13th at 10PM ET on CNBC.

All references must be sourced to CNBC.


JOHN MACK: There's a calmness back in the market. I think people are-- still shell-shocked. And everyone, in-- including Morgan Stanley, have gone out of their way to make sure that we're in a better position as we go forward in these markets. So when I say better position, we've raised a lot of capital. We probably have the highest tier-- equity capital in the business, if not the highest-- one of the highest. We've reduced leverage-- dramatically. We have a new regulator in the-- in the Federal Reserve, which-- for us and one of our computers, Goldman Sachs, now we're bank holding companies. That's a big change from where we were a year ago. So that's huge. And of course, we've looked at our risk management. And where did we make mistakes, and where do we need to add more resources? And we've really bulked up on the risk management side. So one year later, I think everyone feels better. But everyone is still concerned. One of the issues: When the crisis happened and everyone came together trying to find what's the right solution, and then the government stepped in and came up with TARP. And really, I think, you have to give credit to Bernanke and to Paulsen and to Geithner, what they did, how they did it. I know there's some criticism. But at the time, things were moving so quickly and so fast, I thought the reaction that they had was really outstanding. And I believe, working with other regulators around the world, really stopped a global meltdown, because it was very close.


LARRY FINK: Things are healing. The marketplace is responding to better economic information. Market is responding to an environment that is less threatening. You know, we had, essentially, five months of total fear, starting with the Lehman failure and really began the week before with the--with the nationalization of Freddie Mac and Fannie Mae, and through that process of failure of Lehman Brothers and two of the other financial crises. And then going into the first part of this year, we just went from bad to worse, worse to worse to worst. And the marketplace was so frightened that people were--put so much of their free money into cash. They had to store their wealth in something that was earning zero, and earning zero is OK if you believe the alternative is you're going to lose money.


BOB DIAMOND: It was stressful. It was emotional. We knew we were playing for big stakes. So, on one hand, we knew that if-- Lehman went into bankruptcy, there would be huge implications in the market. On the other hand, we wanted to look at whether or not there was a transaction that made sense both for Barclay's, as well as for the markets. We began-- due diligence in earnest. With a small group of us-- on Thursday. You know, that went right through Sunday with-- very little sleep. There wasn't-- there wasn't a lot of time to make sure that we had adequately, gone through all the books and all those positions.


VIKRAM PANDIT: We hope that we continue to build on the liquidity, availability of capital, availability of funding to the financial system. The one part that does concern me is the shadow banking system. While the banks are doing okay and the financial system is doing okay and things seem to be improving-- the securitization markets are still very tight. Finance companies themselves have a little bit more of a difficult time in financing themselves. And so we need to watch this. We need to watch the shadow banking system to see how that develops over time as well.

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