Numerous Top Bankers Call for Break Up of Giant Banks

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Banking Titans Call for Break Up of "Too Big to Fail"

The following bankers are calling for the big banks to be broken up:

  • Former managing director of Goldman Sachs - and head of the international analytics group at Bear Stearns in London- Nomi Prins
  • Numerous other bankers within the mega-banks (see this, for example)
  • Former Natwest and Schroders investment banker, Philip Augar
  • The President of the Independent Community Bankers of America, Camden Fine

Top Economists and Financial Experts Agree

It's not just bankers.

The following top economists and financial experts believe that the economy cannot recover unless the big, insolvent banks are broken up in an orderly fashion:

  • Dean and professor of finance and economics at Columbia Business School, and chairman of the Council of Economic Advisers under President George W. Bush, R. Glenn Hubbard
  • Former chief economist for the International Monetary Fund, Simon Johnson (and see this)
  • Former 20-year President of the Federal Reserve Bank of Kansas City - currently FDIC Vice Chair -  Thomas Hoenig (and see this)
  • The leading monetary economist and co-author with Milton Friedman of the leading treatise on the Great Depression, Anna Schwartz
  • Economics professor and senior regulator during the S & L crisis, William K. Black
  • Professor of entrepreneurship and finance at the Chicago Booth School of Business, Luigi Zingales

Click here for background on why so many top bankers, economists and financial experts say that the big banks should be broken up.