Regulators Ignoring Dodd-Frank Rules That Allow Them to Break Up Big Banks
Phil Angelides, president of Riverview Capital Investments and the former chairman of the congressionally appointed Financial Crisis Inquiry Commission, tells Dana Wilkie that regulators are ignoring Dodd-Frank provisions that give them power to break up the nation’s largest banks.
Q: Why do you want regulators to break up big banks?
A: I have a growing concern about the sheer size of these institutions. I’ve come to the conclusion that they’re too big to fail, too big to manage, too big to regulate, too complex to understand and therefore too risky to exist. In their current form they distort not only the market, but our democracy.