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Big banks are government-backed: Fed’s Hoenig
Joe Rauch, ca.news.yahoo.com, 04/12/2011
Big banks like Bank of America Corp and Citigroup Inc should be reclassified as government-sponsored entities and have their activities restricted, a senior Fed official said on Tuesday.
The 2008 bank bailouts at the height of the financial crisis and other implicit guarantees effectively make the largest U.S. banks government-guaranteed enterprises, like mortgage [...]
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