Big banks are the greatest threat, says Dallas Fed boss

Richard Fisher, president of the Dallas Federal Reserve Bank, has called large banks "the greatest threat to our financial system's stability" and backed former Treasury secretary Paul Volcker's calls for the US government to break up its largest banks, in a speech to the Council on Foreign Relations in New York today.

The last few days have seen the financial industry push back against the 'too-big-to-fail' argument. A recent white paper published on February 26 by a US consultancy for an insur