This was from Neel Kashkari, the current Minneapolis Federal Reserve President who was the 2014 Republican nominee for California governor, and oversaw the TARP bailout. Before that he worked as an investment banker at Goldman Sachs. Someone who has quite a lot of experience with the banks, and sees that too big to fail is a problem.
While he has some ideas how to break up the banks, he isn’t sure what the best option is. It needs more looking into. So Bernie can be excused for not saying exactly how he’s going to break up the banks, but yes it is a reasonable idea when even Neel Kashkari agrees.
"Now is the right time for Congress to consider going further than Dodd-Frank with bold, transformational solutions to solve this problem once and for all," he said.
Among the options that should be given "serious consideration" are "breaking up large banks into smaller, less connected, less important entities" and "turning large banks into public utilities by forcing them to hold so much capital that they virtually can't fail," he said.
"The financial sector has lobbied hard to preserve its current structure and thrown up endless objections to fundamental change," said Kashkari, who is a former executive at Goldman Sachs Inc.
www.latimes.com/...