The problem is severity


Since that terrible week in September 2008 when Lehman Brothers failed, American International Group was taken into conservatorship and Bank of America was ‘encouraged’ to acquire Merrill Lynch, too big (to be allowed) to fail has been the central issue on the minds of regulators and politicians. Unfortunately, discussion of this issue has produced more heat than light.

The heart of the problem is that, given current institutional arrangements, failure of the largest financial institutions will

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