Oct 30 2011
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1) If a bank is too big to fail, it is too big and needs to be broken up. We can’t risk another trillion-dollar bailout.
2) If your bank’s deposits are federally insured by U.S. taxpayers, you can’t do any proprietary trading with those deposits — period.
3) Derivatives have to be traded on transparent exchanges where we can see if another A.I.G. is building up enormous risk.
4) Finally, an idea from the blogosphere: U.S. congressmen should have to dress like Nascar drivers and wear the logos of all the banks, investment banks, insurance companies and real estate firms that they’re taking money from.
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Tom Friedman’s ideas on how to fix banking system:
