FDIC's Hoenig says government backstops remain 'generous subsidy' for big banks


The issue of single point of failure and its effect on the economy has increased in prominence, and the competitive inequities that follow from these circumstances remain mostly unaddressed, the US Federal Deposit Insurance Corporation's (FDIC) Thomas Hoenig told the Institute of International and European Affairs, in Dublin on Friday.

"The ability of ever-more concentrated and complex financial firms to conduct a broad array of activities while the government backstops their mistakes remains a

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