Former governor of New York, and attorney general, Eliot Spitzer criticized the White House this morning for being "the only institution that doesn't get" the continuing danger of having massive banks that are 'too big to fail.'
Alan Greenspan is now saying break up the institutions... Volcker in his testimony a few weeks ago said we should not be insuring these big institutions to do proprietary trading. A bank has to be a bank... The White House seems to be the only institution that doesn't get this. You still have Tim Geithner, Larry Summers, and maybe Ben Bernanke out there saying let's keep the status quo.
Spitzer was joined on the panel by Rob Johnson, a former Soros fund manager as well as the former chief economist for the Senate Banking Committee during the Savings & Loan crisis. The panel discussion ranged from reforming the banks to public outrage that firms like Goldman Sachs are back to making enormous profits that are only possible because of earlier, large infusions of public money that staved off disaster.
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