Reuters notes that the president of the Federal Reserve Bank of Dallas – Richard Fisher - said yesterday:
The largest U.S. banks are “practitioners of crony capitalism,” need to be broken up to ensure they are no longer considered too big to fail, and continue to threaten financial stability, a top Federal Reserve official said on Saturday.
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Fisher said the existence of banks that are seen as likely to receive government bailouts if they fail gives them an unfair advantage, hurting economic competitiveness.
Read more: http://beforeitsnews.com/economy/2013/03/fed-president-too-big-banks-are-just-crony-capitalists-2500936.html
The largest U.S. banks are “practitioners of crony capitalism,” need to be broken up to ensure they are no longer considered too big to fail, and continue to threaten financial stability, a top Federal Reserve official said on Saturday.
***
Fisher said the existence of banks that are seen as likely to receive government bailouts if they fail gives them an unfair advantage, hurting economic competitiveness.
Read more: http://beforeitsnews.com/economy/2013/03/fed-president-too-big-banks-are-just-crony-capitalists-2500936.html
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