Andrew Ross Sorkin: belief

Transcript context

…Let’s say we make you king for 10 years today. How would you change US banking regulation? Ooh goodness. I probably actually would do just what I said. I think that I would probably have more consolidation in the banking space, but as a result of that, I would probably also force some of those banks to effectively serve communities and provide loans and other things that they would otherwise not provide. Then, of course, I’m sure that you and others would say, “But Andrew, if you put together these types of policies to do things that would otherwise be economically irrational things or things that we can’t conceive of will happen.” I would probably struggle in that regard. What would you do? Well, I’m not sure, but let me first point out, there’s been a lot of consolidation since 2009. There’re hardly any new banks. One of them is an Amish bank. Very small number of new banks. The too big to fail doctrine has crowded a lot of deposits into the four biggest banks. Given where we ended up, maybe that’s inevitable, but you want even more consolidation than that?…

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