Breaking up Big Banks 'May Get Some Legs' in 2016: Bill Daley
Citigroup, JPMorgan and Bank of America need to prove they serve the public interest by being big, says the former Obama Chief of Staff.
William Daley, managing partner at hedge fund Argentiere Capital, former Chief of Staff for President Obama and a Clinton Administration Commerce Secretary, says the debate over whether the largest U.S. banks are too big will continue into the 2016 election. He said Congress and regulators have not succeeded in convincing the American public there is a process for unwinding or taking over major banking institutions that got into trouble. He expects the issue to come up in the 2016 election where it 'may get some legs.' He says banks will need to make the case that it is important for the U.S. to have strong global banks to serve U.S. companies, consumers, employees and shareholders.
