BusinessBusinessElizabeth Warrentoo big to fail

Financial Reform Push By The Obama Administration Ignores Volcker Rule, 'Too Big To Fail': Simon Johnson

Financial Reform Proposals By The Obama Administration Ignore 'Too Big To Fail': Simon Johnson
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We agree completely with the administration's approach -- actually, with Elizabeth Warren's approach -- to consumer protection. (We make this clear in 13 Bankers.)

But the sticking point is "too big to fail." Mr. Geithner's Treasury (and Senator Dodd's bill) continue to rely on the complete illusion that a resolution authority (i.e., an augmented bankruptcy process for banks) based on US law will do anything to help manage the failure of a large cross-border financial institution. It simply will not.

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