Numerous Top Bankers Call for Break Up of Giant Banks

Banking Titans Call for Break Up of “Too Big to Fail”

The following bankers are calling for the big banks to be broken up:

  • Former managing director of Goldman Sachs – and head of the international analytics group at Bear Stearns in London- Nomi Prins
  • Numerous other bankers within the mega-banks (see this, for example)
  • Former Natwest and Schroders investment banker, Philip Augar
  • The President of the Independent Community Bankers of America, Camden Fine

Top Economists and Financial Experts Agree

It’s not just bankers.

The following top economists and financial experts believe that the economy cannot recover unless the big, insolvent banks are broken up in an orderly fashion:

  • Dean and professor of finance and economics at Columbia Business School, and chairman of the Council of Economic Advisers under President George W. Bush, R. Glenn Hubbard
  • Former chief economist for the International Monetary Fund, Simon Johnson (and see this)
  • Former 20-year President of the Federal Reserve Bank of Kansas City – currently FDIC Vice Chair –  Thomas Hoenig (and see this)
  • The leading monetary economist and co-author with Milton Friedman of the leading treatise on the Great Depression, Anna Schwartz
  • Economics professor and senior regulator during the S & L crisis, William K. Black
  • Professor of entrepreneurship and finance at the Chicago Booth School of Business, Luigi Zingales

Click here for background on why so many top bankers, economists and financial experts say that the big banks should be broken up.

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  • Wooten Berston

    After the Big Banks.. the Big Media.

    But who will bell the cats?

  • LD

    Where do I start…

    First, until the direct criminal perpetrators on this list (some, not all) ALSO call for clawbacks, even of THEIR own compensations/gains, their recommendations truly. mean. Diddley-squat.

    Second, at this point, it is the public citizens that have such a vast breadth of videos, audio, documentary evidence about some (not all) of these directly responsible individuals of these repeated crises, that could easily, EASILY convict and imprison these people for life (if not death in some circumstances.) So much so, that UNLESS we get clawbacks/debt jubilees for much of the world’s sovereign Treasuries AND for the individuals thusly affected around the world, seriously, those on the list that are responsible can go to hell (and beg for mercy of the court.)

    Third, some, not all, of the people on this list are DIRECTLY responsible for these vast and egregiously psychopathic world crimes that,

    “Asset hole psychopaths require political and media “coverage.” This is an historic pattern; oligarchs require “leadership” in:

    -government for policy and legal enforcement,
    -banking/finance to create what is used for money for their own engorged parasitic lifestyles and to purchase minions,
    -media to propagandize and distract the 99%.

    All three areas of “leadership” are criminal; causing annual deaths to millions, harm to billions, and looting of trillions of the 99%’s dollars. The 99% must cause arrests of the 1% criminals to initiate the future we’re here to imagine and realize.”

    Therefore, the amount of hubris (psycho-chutzpah, really) it takes for them to publicly proclaim statements that thusly envisage their impunity to this criminality without comprehending and recognizing the horrific effect their words have on the world’s citizens as a result, is. just. too. much. to. comprehend. and. bear.

    I am trying, with quite a large amount of restraint, to say to many (not all) on this list, to STFU, and to do more than just parade in front of us with recommendations. A. Lot. More.


    Harry Reid may have pulled a supreme Mitt Romney FLIP FLOP on us all, but, there is SOMETHING YOU CAN DO!

    CONTACT Sen. Harry Reid on H.R. 459′s Passage (327-98) – TODAY!

    I did! Here is the text of my message (you may copy/paste in an email to H. Reid):

    “I was just informed, that the House voted, 327-98, on H.R. 459, & AUDIT THE ‘FED’ passed! I was also just informed, that ‘Sen. HARRY REID is refusing to put Audit the Fed up for a vote in the Senate.’ And, to ‘Please contact his office today and tell him to support AUDIT THE ‘FED’ and allow for a Senate vote!’

    327-98, Senator, is a CLEAR MAJORITY. THE PEOPLE have spoken. Question: Do you represent THE PEOPLE? I noticed, that in 1995, you spoke openly FOR an AUDIT OF THE ‘FED’ – of course, the need for such an audit has not changed since then – why has your stance (on this issue) changed?

    (Feel free to Copy and Paste the message above, if you wish)

    Related News:

    Audit the Fed Passes the House! 327(Y)-98(N)

    Harry Reid vows Federal Transparency Act will never be voted on in the Senate 7/25/12

    Harry Reid’s ULTIMATE FLIP-FLOP Passionate Speech Pleading for an Audit of The Federal Reserve 1/23/1995

  • Sigmund Freud wrote that psychoanalysis of groups within civilization, and even civilization itself, in terms of neurosis and psychosis. There are a lot of psychotic and neurotic groups to be analyzed.

  • This is hysterical. Everyone on the list is worried about a blind date with Madam Guillotine so they all start pontificating about how the banks should be broken up.

    These are the crooks who made the banks what they are, with Krugman leading the others in the cheering squad.

    I don’t care what they say today. Let’s have a closer look at what they said and did two tears ago.

  • c.

    Sure, prosecutions and claw-backs are highly desirable; but that doesn’t diminish the fact that the restoration of Glass-Steagall (to prevent t.b.t.f. banks from simply re-forming) is the fundamental, systemic reform required. We need to do it all, and I’ll be thrilled if we do any of it, but I’ll be especially thrilled if we get Glass-Steagall restored.

  • mas

    I am not so sure of the banks relative to loaning out money from Federal Reserve. As long as the Federal reserve is printing money and banks loaning out upto 10 times the amount received ( fractional reserve banking ) to consumers, these booms and crashes will continue to happen. For a sustainable future, one would have to opt out of this loaning system. Few presidents have done it in past and with wonderful results.

  • How would this affect me, and millions who are ill and need government assistance.