U.S. Economy

Economic Policy

Bernanke: too-big-to-fail problem must be solved

Thursday

In his testimony before the Financial Crisis Inquiry Commission (FCIC), Federal Reserve Chairman Ben Bernanke spoke out against the too big to fail program, suggesting that the Fed must be ready to shut down large institutions if they threaten to break the financial system. The FCIC is investigating the 2008 financial crisis and the concept of too big to fail. They also heard testimony from former Lehman Brothers chairman and CEO Dick Fuld Wednesday, who blamed government regulators for relying on “flawed information” when assessing Lehman's financial state and allowing the company to go bankrupt.
watch FCIC: Day Two    watch FCIC: Day One

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FCIC Meeting on "Too Big to Fail" - Day 2 (September 2, 2010)
FCIC Meeting on "Too Big to Fail" - Day 2 Federal Reserve Chairman Ben Bernanke told the Financial Crisis Inquiry Commission, which is looking at the 2008 financial crisis, that the top lesson he learned from the meltdown was the need to solve the problem of “too big to fail” financial firms. Also testifying was Federal Deposit Insurance Corporation Chairman Sheila Bair.
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watch Sheila Bair Testimony: From Earlier    watch Bernanke Testimony: From Earlier
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