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March 12, 2013

Senate is ground zero in megabank debate

It’s rare that the Obama administration and Wall Street banks find themselves on the same side of an attack.

But both are facing increasingly uncomfortable questions from both the left and the right, particularly in the Senate, about whether the problem of too-big-to-fail banks has been eradicated more than four years after Lehman Brothers’ demise shook the financial world.

It’s just going to remain a headline talking point from now until at least the next election,” said Isaac Boltansky, an analyst with Compass Point Research & Trading. “It’s a unifying theme that allows [Wall Street critics] to both attack large banks and at the same time align themselves with smaller community bank institutions, so it’s a win-win.”

For President Barack Obama, the questions about too-big-to-fail banks threaten to undermine the administration’s argument that his landmark 2010 Dodd-Frank law ended the problem and that taxpayer bailouts are a thing of the past.”

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Read full Politico article here

 

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