In the upcoming book, "13 Bankers: The Wall Street Takeover and the Next Financial Meltdown"authors Simon Johnson and James Kwak say the nation’s biggest banks are indeed way too big (spectacularly big) and that reform is needed now to prevent a second financial crisis.
Pretty good timing.
Today President Obama announced his plans for sweeping changesfor the nation’s biggest banks.
According to the book’s release, among many of the arguments made by the authors is that the Obama administration “has been more aligned with bankers than consumers; that the six largest banks comprise a powerful and dangerous oligarchy; that the regulatory agencies in charge of policing financial institutions have been co-opted by them and now act in their interests; that there has been a complete breakdown of consumer protection vis-à-vis mortgages and other financial products; and that breaking up the big banks is essential for any meaningful financial reform.”
- Bank Overhaul Poses Threat To Stocks, Economy: Experts
- Poll: Should Government Limit Risk-Taking by Banks?
- Cramer: Why Do Good Things Happen to Bad Banks?
After the President's announcement - the big banks got clobbered you can follow the stocks here: