To the Editor:

Warren Heller's criticism ("It Sure Looks Like a Subsidy to Me," June 17 page 7) of my commentary explaining why deposit insurance is not subsidized ("Greenspan's Deposit Insurance Subsidy Argument Is Nonsense," June 6, page 3) does not properly account for the causes of U.S. banking problems and material changes in the industry.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.