With Approval of Capital One-ING Merger, Fed Ignores Lesson Learned in Financial Crash
Feb. 14, 2012
With Approval of Capital One-ING Merger, Fed Ignores Lesson Learned in Financial Crash
Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division
With the Federal Reserve’s approval of the merger between Capital One and ING Direct, the agency is ignoring the central lesson of the financial crash: Firms too big to fail will inevitably engage in excessive risk taking. The Fed needs to cut the large banks down to size, not create another one.