Federal Reserve Bank of Dallas' President calls for breaking up the TBTF's!

[laughingliberal]

Fed’s Fisher Calls for Accord to Break Up Big Firms (Update1)

March 3 (Bloomberg) -- Federal Reserve Bank of Dallas President Richard Fisher called for an international pact to break up banks whose collapse would threaten the financial system, a position that goes beyond other Fed officials.

“The disagreeable but sound thing to do” for firms regarded as “too big to fail” would be to “dismantle them over time into institutions that can be prudently managed and regulated across borders,” Fisher said in a speech at the Council on Foreign Relations in New York.

The former fund manager said his views on the issue “may be slightly radical.” The Obama administration has proposed limiting banks’ proprietary trading and other operations, while Fed Chairman Ben S. Bernanke and other officials have called for a law to wind down failing financial firms. Such a move may still confer a “government-sponsored advantage” on the companies, Fisher said.

“Given the danger these institutions pose to spreading debilitating viruses throughout the financial world, my preference is for a more prophylactic approach: an international accord to break up these institutions into ones of more manageable size,” Fisher, 60, said in prepared remarks. “If we have to do this unilaterally, we should.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=a9_wZHNh62z8&pos=1

Wow! Now there's a guy we could have used on our team. He, apparently, isn't interested in blowing the big banks and financial institutions. Refreshing, to say the least!