Goldman Sachs and Citigroup enthusiastically endorse the fake financial reform bill circulating through the Senate. That's because it will allow business as usual and won't solve the Too Big To Fail problem.
Enter Senator Ted Kaufman and his merry band of dissident Democrats. They have a proposal: no bank can have liabilities greater than 2% of US GDP. It's eminently sensible, and vehemently opposed by the greedy banksters. The only way to get rid of Too Big To Fail is to get rid of Too Big. There is absolutely no reason these banks need to be running around with highly leveraged trillion-dollar balance sheets, just waiting for a bailout the next time there's a hiccup in the markets.
Summary and FAQs here. Full bill here.
Other blogger perspectives in favor of the bill:
MIT Econ Prof Simon Johnson
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