BUSINESS
02/28/2013 08:51 am ET Updated Apr 30, 2013

Simon Johnson: 'Indefensible' To Say Big Banks Don't Have Any Advantage

In testimony to the Senate Banking Committee this week, Ben Bernanke made a clear statement acknowledging that very large American banks receive implicit subsidies because the market believes they are too big to fail. This was one of the most forthright public statements on this topic by a top Fed official, and Mr. Bernanke should be congratulated for being honest and direct on this important point.

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