Now I've heard it all.
This is the man who created the "bankster superstore"; he built Citigroup, he pioneered unlimited leverage and game-playing in the financial system, and this morning he repudiated it all and called for:
1. 100% mark-to-market (!) of all bankster assets.
2. A complete split between deposit-taking banks that make loans and investment banks that have no access to credit-money creation via revolving depository doors.
This takes the entire capital markets structure and makes it run on actual capital. No off-balance sheet anything, no derivative games, everything is marked to the market every single day.
This is ONE DOLLAR OF CAPITAL folks -- "lite", to an extent, for deposit-taking institutions, but absolute for everyone else.
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Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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