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Thomas Hoenig

Mr. Hoenig currently serves as vice-Chairman of the FDIC and formerly as president of the Federal Reserve Bank of Kansas City.

See his 2009 speech: “Too Big Has Failed” in which he deftly undermined the assumptions of the 2008 bailouts: “Any financial crisis leaves a stream of losses embedded among the various participants, and these losses must ultimately be borne by someone.” He provided a simple framework for financial regulation: “Shareholders would be forced to bear the full risk of the positions they have taken and suffer the resulting losses.”

Mr. Hoenig’s perspective provides invaluable insight into the current banking system – including what has happened to the festering losses that were suffered in 2008 but never resolved.


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