KC Fed President Issues New Report Calling For 'Break Up' Of J.P. Morgan, Goldman, Citigroup & Bank Of America

Originally published Feb. 24.

In a report just released today, Kansas City Fed President Thomas Hoenig lays it all out in black in white:  Dodd-Frank has done absolutely nothing about Too Big To Fail, and for that reason "[w]e must break up the largest banks" (2).

A screenshot from the report:

This isn't the first time Hoenig has suggested breaking up the largest TBTF banks, but his earlier statements were made during the course of interviews.  This latest call comes in an official report and carries the imprimatur of the Federal Reserve system.  That's a shot across your bow, Jamie Dimon.

• Read Hoenig's Complete Report at the KC Fed - PDF

---

Hear from Hoenig himself...

This is Hoenig's best public speech.

Video:  Hoenig speaks to a local Kansas City Tea Party group - Sep. 23, 2010

Related...

• Hoenig Calls For Break-Up Of Mega-Banks, Attacks Wall Street

Evolutionary biology's answer to Citigroup.

Comments

[Ted T]

This is the directive of the Group of Thirty. This was first news back in 2009 when Grp of 30 wrote financial stability report.

[john]

Geithner Says Not To Worry About Surging Oil Prices: "Central Banks Have A Lot Of Experience In Managing These Things"

http://www.zerohedge.com/article/geithner-says-not-worry-about-surging-oil-prices-central-banks-have-lot-experience-managing-

[snip]

You really can't make this shit up: "The economy is in a much stronger position to handle” rising oil prices, Tim Geithner said today during a Bloomberg Breakfast in Washington. “Central banks have a lot of experience in managing these things." We are, all of us, now doomed.

[Ted T]

Who will watch the watchers?

From NY Post...The top lawyer at the Securities and Exchange Commission and his two brothers inherited more than $1.5 million in phony profits from their mother's investment in Bernard Madoff's epic Ponzi scheme, according to a startling suit filed by bankruptcy trustee Irving Picard.

David Becker -- who was named SEC general counsel and senior policy director less than two months after Madoff's arrest in December 2008 -- was served with legal papers demanding return of the dirty money earlier this month, court records show.

[john]

The definition of oversight has two distinct and opposite meanings according to most dictionaries. The third definition (in good humor) might be: a little bead at the end of a shotgun. Sorry about my double post...

[Howard T. Lewis III]

The American public has been voting with all the consideration of taking a crap on a campout and not much beyond. The mess of garbage who call themselves the Congress are going to vote for their own interests and accept lobbying for influence from the highest bidder. Look at Pelosi and AIG. PAR FOR THE COURSE. Congress will never leave the wallow.

[Dr. Pitchfork]

Well said, Howard T. Lewis. You've certainly identified a big part of the problem.

[robertsgt40]

I got a better idea. Let's desolve the Federal Reserve and print our own money again...minus the interest.

[Benny and the Talibanks]

I smell a rat.

Let's disolve the federal reserve, put the above listed companies into receivorship and stop the billionaire banker bailouts.