The largest U.S. banks are "practitioners of crony
capitalism," need to be broken up to ensure they are no longer considered
too big to fail, and continue to threaten financial stability, a top Federal
Reserve official told CNBC on Saturday.
Richard Fisher, president of the Dallas Fed, has been a
critic of Wall Street's disproportionate influence since the financial crisis.
But he was now taking his message to an unusual audience for a central banker:
a high-profile Republican political action committee.
Fisher said the existence of banks that are seen as likely
to receive government bailouts if they fail gives them an unfair advantage,
hurting economic competitiveness. "These
institutions operate under a privileged status that exacts an unfair tax upon
the American people," he said on the last day of the annual Conservative
Political Action Conference (CPAC)....
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