It is a pleasure to have the opportunity to speak here today. I am glad to see the progress our city and region have made recovering from Sandy, but obviously significant challenges remain. I am going to focus my remarks today on what is popularly known as the “too big to fail” (TBTF) problem. In particular, should society tolerate a financial system in which certain financial institutions are deemed to be too big to fail? And, if not, then what should we do about it? The answer to the first question is clearly “no.” We cannot tolerate a financial system in which some firms are too big to fail—at least not ones that ... (full story)