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Numerous Top Bankers Call for Break Up of Giant Banks
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 Citi CEO Sandy Weill
- Former Citi CEO John Reed
- Former Citi chairman Richard Parsons
- Former Merrill Lynch chairman and CEO David Komansky
- Former Morgan Stanley CEO Philip Purcell
- 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:
- Nobel prize-winning economist, Joseph Stiglitz
- Nobel prize-winning economist, Ed Prescott
- Nobel prize-winning economist, Paul Krugman
- Former chairman of the Federal Reserve, Alan Greenspan
- Former chairman of the Federal Reserve, Paul Volcker
- Former Secretary of Labor Robert Reich
- 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)
- President of the Federal Reserve Bank of Dallas, Richard Fisher (and see this)
- President of the Federal Reserve Bank of St. Louis, Thomas Bullard
- Deputy Treasury Secretary, Neal S. Wolin
- The Congressional panel overseeing the bailout (and see this)
- The former head of the FDIC, Sheila Bair
- The head of the Bank of England, Mervyn King
- The Bank of International Settlements (the “Central Banks’ Central Bank”)
- 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
- Leading British economist, John Kay
- Economics professor, Nouriel Roubini
- Economist, Marc Faber
- Professor of entrepreneurship and finance at the Chicago Booth School of Business, Luigi Zingales
- Economics professor, Thomas F. Cooley
- Economist Dean Baker
- Economist Arnold Kling
- Chairman of the Commons Treasury, John McFall
Click here for background on why so many top bankers, economists and financial experts say that the big banks should be broken up.
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Agreed and plus one.
But lets also not let go of the reality of the language among us..."Regulate the casino AND impose deficit spending regulation to avoid Government, states, municipalities spending more than they earn."
Governments don't earn anything...they tax and confiscate from the productive at the point of a gun and the threat of jail.
I know what you meant, its just a pet peeve of mine.
I agree with this. "Bunch of guys staring at themselves in the mirror" at this point. There's no "here...here" because "there is no there...there." Blocking and tackling on the so called "break ups" at least means someone has thought this through rather than "boy is this a friggin mess. i better say something before such and such a State goes bankrupt!" Rules, regulations, blah-blee-blah-blee-blah. "it's all about balance sheets, p&l, 'dark pools', and legal 'exemptions.'" under the current conditions it's hard to imagine what "earnings" wouldn't be protected...and what debt wouldn't be sidelined as "never to be repayed"...up and until "the government's debts start getting pared back." it just amazes me people still think this debt and deficit will ever be brought back to earth without some type of "crisis of confidence."
What the f*ck are these crooks up to? They must be really f*ckin scared if they are all on song and suggesting doing something that is actually a positive step. Is this their last desperate attempt at maintaining some control?
What are they up to? My first thought after reading the article was that some how, "breaking up the big banks" will probably involve the tax payer taking on the risk of the derivitives portfolios and saving their asses.
Like the rats they are, they're trying to abandon the ship they sunk. Funny how all of the sudden all these current/former insiders are trying to switch sides, as the financial system which they benefited so handsomely from is intentionally brought down in the service of new world order globalist scumbags.
Don't let them in. Remember who they are.
Behold, the Awakening of the Muppets - how long for the call to BAN AGAIN ALL CRIMINAL AND DANGEROUS DERIVATIVES?
Seriously, what is this madness? They are allowed to set up a BETTING SCAM where if they win they get the "profits" and if they lose YOU get to BAIL THEM OUT ???
Is anybody aware that if five companies have together 80% of the derivatives contracts markets in the tune of hundreds of trillions in their databases they are engaging in the most complete price manipulating cartel the world has ever seen?
Behold, the Awakening of the Muppets - how long for the call to BAN AGAIN ALL CRIMINAL AND DANGEROUS DERIVATIVES?
I have a better idea, far simpler too. Just shut down the Fed.
There. Now nobody gets bailed out, nobody can sell their worthless financial paper to the Fed transferring those losses to the American people ...and the government won't have anyonre to buy their debt paper either.
Fed is the enabler of all this madness. Fed's ability to generate trillions of new dollars with a few keystrokes is the root problem.
As long as we're gonna dream, let's dream big. End the Fed. With no bailouts all the huge zombie banks collapse and die, and the derivatives market collapses and dies, solving both those problems. With no one around to buy $2 trillion new government debt each year, the treasury bond market collapses, the government collapses, solving both those problems.
But it's just a dream, it ain't gonna happen, just like banning derivatives ain't gonna happen.
hiho, cranky! Yes, shutting down the FED would do the job. But it's quite a radical step, of the kind that is only used in desperation.
It's about as radical as cancelling your dear spendthrift wife's and daughter's only credit card on which they had unlimited credit - for sanity reasons. You won't make them happy at all, particularly if you don't have the cash to compensate.
And the other 109 Central Banks? Of which 17 are engaged in the EuroSystem? What do you tell them? They have huge amounts of USD which they use to back their currencies.
Banning derivatives is another matter altogether. This CAN be accomplished by the US Congress, since all the major players are under the US jurisdiction, and the derivatives game we are talking about is supposed to be similar to a zero-game anyway.
Look how the Vampires-turned-Muppets are chanting in choir with the others. There IS change in the air. And who knows, it might even work...
I mean no one saw this coming when they repealed Glass-Stegal under Clinton. Oh that's right everyone saw that this could happen, fucking Sandy Weill....... Rape the people and then say ooops I made my Billions and oh yeah, I was wrong. Douche-bag.....
Sure we are aware...we being defined as most Zero Hedge readers and some of the people George noted above...Nomi Prins for sure.
Seriously, what does awareness or calling for something (most of these muppets as you call them - and that's taking an idealistic view) get them?
Here's what it gets you tonight: THE BEST TOBY KEITH SONG EVER. I should've been a cowboy
http://www.youtube.com/watch?v=aIq1LvzSLsk
Queue every other comment here telling us how things suck or we need to commit acts of violence.
I say no to that and so does Joseph Stiglitz. As long as he and I can post Toby Keith videos on the internet, THINGS CAN'T BE ALL BAD???
A greenie for your passion however.
Vic, thx but please don't mind me writing that I presume you don't belong to the category of "muppets", i.e. people with serious loads of money to lose (the term "muppet" is from the Squid's e-mails, they called clients-to-be-squeezed this way).
It's their awareness that is "awakening". In the US with the call for Glass-Steagall, in the UK with the call for an european regulator (gasp).
When the Muppets are seriously pissed off, politicians listen.
Last week I wrote down a little nugget of wisdom (I forgot where I picked this up): "Societal change requires an investment of social capital. People do not accommodate you based on a simple request; they require that you have some sort of social capital to exchange for social favor".
And this is - perhaps still a tad idealistic - the basis of all politics. Exchange of favours - you scratch my back, I scratch your back.
So yes, a call is not enough - until it reaches those who are willing to invest some "social capital" (for example their reputation - I know, an antiquated word) into real change. And this is beginning.
The irony of all this is that several of them are now headed by former vampires that excelled in sucking the system dry and now are trying to switch sides to those who they robbed blind.
So... It's well past everybody's bedtime in the USSA.
If everything is fine, then what's keeping you up at night?
Apologies if you forgot the /sarc
And what's keepin yu up LOPRO? Cold Sweats?
After yu get kaught up on the meaning of terms like ad hominem and trolling maybe recrimination should be next on yur study list...methinks yur usefulness to the kause here may be more shortlived than yu imagined.
Suggestion Box: stay as far away from buses and big hooks as humanly possible!
Oh, and silver. Stay very far away from silver...I hear can be deadly to some lower life forms }:)
+1 LOL - nice hint to the antibiotic properties of Ag. btw, honest ignorant question: what exacty is the message behind your spelling?
Ghordius
part of the role of the false hope narrative is to divert peeples attention way from the obvious source of their problems, and give them just enough truth-tellin to make it seem that the phony resistor is on their side...
since at this point one would indeed need be brain-dead to not realize that there is an orchestrated effort to bring chaos and destruction to the west, the fhn(like Georgie plays here) seeks to find fake,diversionist actors to blame....
I therefore use k a lot in place of what would usually see a c - it's a handy reminder to readers that the orchestrators are the hidden kosher mafia whose kabbalistic design to kill most of the populations of east and west is konsidered kontrary to the kommon agreement of what subjects can be discussed - even on boards like this one. Keeping that truth in front of folks is a konstant koncern, because so much energy goes into koncealing it....as kan be evidenced right here by the threadjackers, name kallers and assorted minions of the moneypower whose job here is to keep seekers in the dark. and messengers misrepresented.
It has also proven handy to flush out some of the hidden assets of said hidden hand here...as my stylistics seem to driven them to distraction!...k'mon down....LOPRO!
LOL - Joyful, thanks for the explanation. Though I feel compelled to tell you that the official statistics say that this website (that is not physically based in the US) has only 50% Americans and 50% viewers from the US. Many of the slang terms you use - like LOPRO: Low Profile - absolutely zip over the heads of many, I had to look it up and I'm still not sure if I get all the meaning of it. This includes some half of your comments, the significance of your avatar etc... Not long ago our sleepless Vic Vinigar had to find out that he was talking about some lass nobody online knew about - he was quite flabbergasted...
Hey record quick disappearance of George's latest disinfo squib....whatup?
Seems somebody musta got a phone call....
ANNNNNNNND....
Where's all the big guns of the Onanistic Krew that were out in such numbers yesterday to do their part for George/LOBLO and the rest of the K KLUB?
Surely it hasnot discouraged them to find out their boy is in bed with the worst of the bankster&politico mafia, and their lead off wonder has been outed as a threadjackin anti-AUG trollster?
That would be just too embarrassing...
oh, well, swim with sharks/////
http://en.wikipedia.org/wiki/Histrionic_personality_disorder?
the provocative not the seductive version
Good to see yu back Jeff...
yur krew seem a little heavy on quotes, links, and smug innuendos and a little light on addressing the issues at hand...maybe today we'll get the benefit of yur considered response to the unaswered questions left in yur wake during yesterdays' aborted character assassination...or is yur attention still diverted towards the messenger and not the message?
Pity...these threads of Georges' offer an excellent opportunity for debate on the widsom of his sudden choice of strange bedmates...and the umm, policies and actions available to us at this time....I'm not entirely sure why they keep getting threadjacked...Any ideas [[[:>) ???
Boredom. Lack of a genuinely more enjoyable hobby.
Try sex......worth a try....
I call for the break up of all present and past money center BANKERS..drawn and quartered if you please ..
I hear they make good shark bait