Bill Black: Shrink the systemically dangerous institutions -- the 20 largest banks in the U.S.

[marmar]

JPMorgan Chase, the nation's largest bank, is under fire after losing at least $2 billion in derivatives trading it was warned carried high risk. The loss has renewed calls for tougher regulation of Wall Street, with critics saying JPMorgan could have avoided it under regulations the bank opposed. We're joined by former financial regulator, white collar criminologist, and University of Missouri-Kansas City Professor William Black, author of "The Best Way to Rob a Bank is to Own One."

[emaij]

1. Summary available of this interview

Link to summary at capitalismwithoutfailure.com

[uppityperson]

2. Hi, is that your website? Welcome to Du.

[emaij]

3. Thanks

Yes, those are my notes. Is it OK that I linked to them?

[uppityperson]

6. Yes, it is good. It's nice to see more about posters. So long as you don't

post post after post with only your notes and links (spamming), you are good. Thanks for posting them and, again, welcome.

[florida08]

4. Black is brilliant and articulate

Exactly describing what was and still is. High finance is now a parasite on the world's economy. Dimon is a psychotic liar. When Paulson gave these big vampire banks capital instead of buying their toxic assets they were suppose to inject the enconomy with it but instead they bought other banks that were in trouble for their deposits like Wachovia.

You can't hedge a hedge as Black cited but that's what JP did. Interest loans do not make the profits they want. There should be a firewall between our deposits/retirements and the wreckless betting going on. That's what Glass Steagall did. Fractional banking should be abolished. Let them use their own profits for gambling. Then they can fail without bringing down the rest of us. Bill Clinton signed the Graham Leach Bliley act which killed GS. We have serious systemic risks still to us individually and collectively, only in the 30's the government did something about it.

When Nixon took us off the gold standard it gave carte blanche to the Federal Reserve to print us into oblivion for these crooks. They should be broken up and now. We are at their mercy.

[PA Democrat]

5. Recommended. I love the term "hedginess,."