Will Dodd-Frank Protect US from Banks 'Too Big to Fail?'

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167x120 image for tp120508will_dodd-frank_protDespite reassurances from the Obama Administration, many financial authorities say banks that are bigger than ever cannot be allowed to fail. Just five banks -- Goldman Sachs, JP Morgan Chase, Citigroup, Wells Fargo and Bank of America -- now hold $8.5 trillion in assets. That's equal to 56 percent of the US economy, up from 43 percent six years ago. It's happened despite President Obama's call to "prevent the further consolidation of our financial system." Are pension funds and other depositors adequately insured?  Might taxpayer bailouts be needed all over again?




Warren Olney