Courtney Comstock
Business Insider
5/5/2011
Ken Griffin said at the Milken Institute recently that he’s “terrified” of one measure in Dodd Frank.
According to MarketWatch:
“[I’m] terrified by the prospect of orderly liquidation authority” – a measure intended to force better risk-taking by banks.
He views it as both politically infeasible and pandering to manipulation by special interests.
The word “orderly” does indeed conjure up a creepy allusion, like bank genocide or something.
So who will save the banks?
No one! Corporate banking in the U.S. is now dominated by four institutions with oligopolistic pricing power, said Griffin, according to MarketWatch.
Of course Griffin’s Citadel Securities isn’t one of them. And he doesn’t have an investment bank that has any meaningful systemic risk, so why’s he worried about Dodd Frank?
The article continues at Business Insider.
Also from Business Insider: Click here to see the 25 banks with scary levels of systemic risk >
