Excessive regulation is strangling U.S. community banks, which have closed at the rate of about one per business day since the 2008 financial crisis, said Frank Keating, head of the American Bankers Association.
Breaking up the largest U.S. banks would push businesses such as Caterpillar Inc. and Boeing Co. to use Chinese lenders instead, said Frank Keating, chief executive officer of the American Bankers Association.
Schadenfreude is misplaced when considering the wreckage of a financial firm in today’s weak economy. Yet empathy for the employees of MF Global Holdings Ltd. and the investors who owned its shares also is compatible with gratitude that no government agency came to the rescue.
The U.S. government took a step toward legitimizing the marijuana industry, allowing U.S. banks to offer accounts and other services to businesses in states where medical or recreational pot sales are legal.
Sanford “Sandy” Weill’s call this week for breaking up large banks revived debate in Washington over “too-big-to-fail” lenders, prompting renewed assertions by industry groups that size yields economic benefits.