Griffin explained in more detail, why he thinks Dodd-Frank is so dangerous.
And it's not all because he thinks that on a basic level, it wouldn't prevent another crash.
He's worried that when it came down to it, the only firms that would be saved, would be those that are already besties with the government, for example, big campaign donors.
(On that note, Griffin donated $1.8 million to Republicans in the 2010 cycle—that must curry some favor).
Basically, he is of the belief that another financial crisis is just around the corner. And Dodd-Frank, which is supposed to the system's savior, will fail because:
The government "literally will come in and say that we are going to liquidate your institution without you having had filed for bankruptcy. It's an involuntary proceeding [and there will be] little in the way judicial oversight."
"The F.D.I.C. then says here are the creditors who we are going to protect out of the gate... and then here are the creditors who are not going to make whole out of the gate."
"This means that companies that are connected to Washington, that curry political favor, will be favored at the expense of companies that do not have their business model revolve around appeasing politicians and making campaign contributions."
So for Griffin, not only will the new rules fail to "work as proposed," they will "deeply entrench crony capitalism into the very fabric of our financial system."
Griffin's answer? The FDIC guarantee should only apply to "very narrow risk taking activities." Aggressive risk-taking, no matter who its executed by, should not get a government assurance.
This story originally appeared on Business Insider Read more from Business Insider:
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