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CC-Transcript

  • 00:00Today three out of the four largest financial institutions are nearly 80 percent bigger than before we bailed them out because they were too big to fail . Well sort of within bailout all the big banks. But the biggest U.S. banks are just as big if not bigger than they were before the crisis in 2008. JP Morgan Chase is 75 percent bigger than it was in 2006. Bank of America 50 percent. Wells Fargo four times bigger. Only Morgan Stanley and Citigroup are slightly smaller than they were during the height of the crisis. The relatively healthier banks ended up buying the failing banks as a way of rescue. And these rescues were backed in some cases by the government who can deal with these adjustments. Also like Main Street from Wall Street JP Morgan bought Washington Mutual and Bear Stearns. Bank of America got Countrywide and Merrill Lynch. Wells Fargo. Part of a phobia rival that was actually bigger in size we've had hundreds of rules and regulations in the US and around the world to make sure that taxpayer is not on the hook. Next time around capital at the biggest five banks on average is 6 percent which is twice as much as it was before the crisis. It's still minuscule compared to the startups within one year. My administration will break these institutions eight years after the fall of Lehman Brothers. Too Big to Fail is clearly still alive. We need to repeal and replace Dodd-Frank. But we ought to do is raise the capital requirements so banks start to have plenty of opinions as to why and how to deal with it. One thing is for sure you an answer absolutely no risk in the financial system is still unknown and can suddenly pop up. Nobody can be sure that the dominoes won't start falling again like they did in 2008 and with the banks even bigger now. The American taxpayer may be asked once again to pick up the pieces .
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Here's Why ‘Too Big to Fail’ Is Still a Problem

  • Digital Originals

February 2nd, 2016, 3:23 PM GMT+0000

Too big to fail banks are even bigger today than they were in 2008 when they were already... "too big to fail." So what's changed? Bloomberg's Yalman Onaran looks at whether the American taxpayer might once again have to pick up the tab the next time big banks collapse. (Source: Bloomberg)


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