President Obama: ‘Never Again Will the American Taxpayer be Held Hostage by a Bank that is ‘Too Big to Fail’
It is good to hear that the White House has clearly understood how banks could divert from their original mission while still benefiting from the associated privileges. Now, it should not make us forget the big share of responsibility that the US government had by actively encouraging subprime mortgages.
Obama’s objectives to reshape the financial industry are ambitious. If he succeeds, it will not radically change where and how banks are making money, but hopefully add more transparency and ensure that they are not playing against taxpayers and their own customers.