I am also concerned in the same bill of the increased concentration in the financial industry along with bailouts and other subsidies for banks that are too big to fail undermines competition by making it tougher for smaller, more conservative institutions to compete.
Kaufman expresses concern about financial industry concentration and its impact on competition.
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We have developed a cooperation program at the SEC where we can now offer reduced sanctions in exchange for insiders who come forward and provide us with information.
Widespread cheating and fraud of the sort that drove the speculative housing and derivatives securities bubbles are anathema to public confidence in the markets.
We have got to get away from this too-big-to-fail. It is bad in so many different ways in terms of the concept.
I think this is all the ability to know you just cannot have two different sets of rules for people, and if you are powerful and you have got money and you have got good accountants and good lawyers, you can get away with something that…
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