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 [22]
- Former Citi CEO John Reed [23]
- Former Citi chairman Richard Parsons [24]
- Former Merrill Lynch chairman and CEO David Komansky [25]
- Former Morgan Stanley CEO Philip Purcell [26]
- Former managing director of Goldman Sachs - and head of the international analytics group at Bear Stearns in London- Nomi Prins [27]
- Numerous other bankers within the mega-banks (see this [28], for example)
- Former Natwest and Schroders investment banker, Philip Augar [29]
- The President of the Independent Community Bankers of America, Camden Fine [30]
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 [31]
- Nobel prize-winning economist, Ed Prescott [32]
- Nobel prize-winning economist, Paul Krugman [33]
- Former chairman of the Federal Reserve, Alan Greenspan [34]
- Former chairman of the Federal Reserve, Paul Volcker [35]
- Former Secretary of Labor Robert Reich [36]
- 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 [37]
- Former chief economist for the International Monetary Fund, Simon Johnson [31] (and see this) [38]
- Former 20-year President of the Federal Reserve Bank of Kansas City - currently FDIC Vice Chair - Thomas Hoenig [31] (and see this [39])
- President of the Federal Reserve Bank of Dallas, Richard Fisher [40] (and see this [41])
- President of the Federal Reserve Bank of St. Louis, Thomas Bullard [42]
- Deputy Treasury Secretary, Neal S. Wolin [43]
- The Congressional panel overseeing the bailout [44] (and see this [45])
- The former head of the FDIC, Sheila Bair [46]
- The head of the Bank of England, Mervyn King [47]
- The Bank of International Settlements [48] (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 [49]
- Economics professor and senior regulator during the S & L crisis, William K. Black [50]
- Leading British economist, John Kay [51]
- Economics professor, Nouriel Roubini [52]
- Economist, Marc Faber [53]
- Professor of entrepreneurship and finance at the Chicago Booth School of Business, Luigi Zingales [37]
- Economics professor, Thomas F. Cooley [54]
- Economist Dean Baker [55]
- Economist Arnold Kling [56]
- Chairman of the Commons Treasury, John McFall [29]
Click here for background [57] on why so many top bankers, economists and financial experts say that the big banks should be broken up.