Magazine : Archives : 1st Quarter 2010
Solving Too Big to Fail Will Require Legislation
Here we are in the new year. Is it time yet for optimism? The Great Recession of 2007-09 and the near financial collapse of 2008 are receding into history. The governments’ emergency bailout of the too-big-to-fail (TBTF) behemoths is being repaid. Massive government-subsidized profits and bonuses are returning to Wall Street. On Dec. 11, shortly before the first session of the 111th Congress ended, House Financial Services Chairman Barney Frank (D-Mass.), in a herculean effort, secured House passage of the most sweeping financial regulatory reform bill since the Great Depression. The hard-fought Wall Street Reform and Consumer Protection Act of 2009...
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