Comments of the Week: 'Too Big to Jail' Confirmed, Ditching Basel III
March 8, 2013 8:24 AM
On Attorney General Eric Holder's admission some banks are 'too big to jail':
"What gives the U.S. Attorney General the right to waive the prosecution of criminal behavior based upon his 'concern' for the broader economy? Is this really legal?"Related Article: How Holder's Surprising 'Too Big to Jail' Admission Changes Debate (Image: Bloomberg News)
On Attorney General Eric Holder's admission some banks are 'too big to jail':
"This is not a bank issue. It is an issue with any large firm … If there has been felonious activity, go after the persons involved and prosecute them … They are not and should not be immune from prosecution."Related Article: How Holder's Surprising 'Too Big to Jail' Admission Changes Debate (Image: Thinkstock)
On a call to raise capital levels, but ditch Basel III:
"A very succinct observation, but it will never fly: it makes too much sense."Related Article: Raise Capital Levels, But Ditch Basel III (Image: Thinkstock)
On Sen. Brown's and Sen. Vitter's plan to introduce a bill to end 'too big to fail':
"Well, it is about time that someone started doing their job."Related Article: Brown, Vitter to Introduce Bill to End Too Big to Fail (Image: Bloomberg News)
On a U.K. regulator admitting missing signs of Libor manipulation:
"How bad is it when … former Treasury Secretary Timothy Geithner … could spot Libor-rigging before the British regulator supposedly responsible for supervising the rate-setting banks."Related Article: U.K. Regulator Admits Missing Signs of Libor Manipulation (Image: Thinkstock)
On whether 'too big to fail' is a distraction:
"Breaking up so-called TBTF institutions is a cop-out. Let's focus some more attention to resolving the unique challenges of governing large institutions."Related Article: 'Too Big to Fail' Is a Distraction (Image: Thinkstock)
On whether 'too big to fail' is a distraction:
"TBTF has been at the bottom of the financial crisis that is still haunting global financial instability - six years after the debacle … The chant of the current FM [free market?]: Consolidate, Converge and Compete has to imbibe the lessons of recession still."Related Article: 'Too Big to Fail' Is a Distraction (Image: Thinkstock)
On PNC closing 200 branches this year:
"Opening branches is fun and easy. Everyone loves ribbon cuttings and promises of growth. Closing branches and dealing with the impact on customers and employees is hard - and necessary."Related Article: PNC to Close 200 Branches This Year (Image: Thinkstock)
On PNC closing 200 branches this year:
"Until very recently most traditional … banks were vigorously defending dense branch networks and committing to expansion. Is the turnabout due to an epiphany … or just a knee jerk reaction to compressed margins? Either way, it seems to suggest a lack of strategic vision."Related Article: PNC to Close 200 Branches This Year (Image: Thinkstock)
On FHFA vetoing a Fannie Mae plan on force-placed insurance:
"By his action, [Ed DeMarco] could perhaps be characterized as someone who walks a battlefield pouring salt on the wounded."Related Article: Waters Presses FHFA on Force-Placed Veto (Image: Bloomberg News)
On contradictory regulation:
"Maybe lenders need to 'require' regulators to be clearer."Related Article: Home Lenders Damned if They Stick to QM, Damned if They Don't (Image: Thinkstock)
On what's driving an increase in online payday lenders:
"Consumer demand is the driving force behind the multitude of payday loan business models … Payday loan products serve a need. It's that simple."Related Article: Payday Lenders Assail Online Competitors (Image: Thinkstock)
