Page 47 - Resolution Authority News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Were irrational. it's not like you were for or fwens reagainst reform. totally absolutely, some of of the stuff that got done is not ration rational. to say we're supposed to bend down and accept it because we're a bank, that's not fair. larry didn't support all of the reform. if i would stand up and agree with me, there are a lot of things that had nothing to do with him, people in congress coming up with own ideas to make sense. >> jamie dimon's proposed resolution authority is the mdbbdb, minimally damaging bankruptcy for big dumb banks. somehow i feel, jamie, you're a great banker, but you...

Need for massive reform after what happened. totally absolutely, some of of the stuff that got done is not rational. to say we're supposed to bend down and accept it because we're a bank, that's not fair. larry knows the details, too. he didn't support all the reform. if i would stand up and agree with me, there are a lot of things that had nothing to do with him, people in congress coming up with own ideas to make sense. >> jamie dimon's proposed resolution authority is the mdbbdb, minimally damaging bankruptcy for big dumb banks. somehow i feel, jamie, you're a great banker, but you haven't ...

Deposit. it strikes me that the net effect of what has happened, you're not too big to fail, you're way too big to fail. >> it's 30% of all deposits in america. america is far less concentrated in europe, asia, canada, australia, france, u.k., italy, way less concentrated. i wish -- i believe that when we start talking about resolution authority, that we should, the governments, the regulation should be able to take down a j.p. morgan in a way that doesn't damage citizens of the world. i think the banks should pay for that. like the fdic, when banks fail, the fdic takes them over and liquid at...

Disclosure and transparency around state financial issues and two, creating a mechanism to deal with states that doesn't include a bailout that forces them to make tough decisions. >> speaking of the tough decisions, don't look to congress for help because eric can'tor yesterday had a statement about state bailouts and we can put it up on the screen. i'm going to tell you essentially what it says is no bailout from the feds. >> right, i think that's a great message to send. people need to understand that so they start forcing the decision at the state level without looking for money from washi...

>> i hope not. >> neil: we always get another crisis. just different -- >> you need resolution authority. there will be cycles but hopefully nothing as severe as we lived through. you need basic common sense rules. there's a difference between free markets and free for all markets. you need common sense, don't be too far or overly prescriptive. you need market invasion but there needs to be common sense rules and i hope the pendulum has swung back and we'll have a more sustainable financial system in the future. >> neil: thank you for that. sheila bair, the fdic. talk about someone with a lot ...