Charles Calomiris, also warned of an Armageddon for European banks due to their over-weighted loan commitments to the European sovereigns.

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"New technology doesn't tend to substitute for branch banking but to complement it, " says Charles Calomiris, a professor at Columbia University's business school.

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Charles Calomiris, a Columbia University economist and member of the Fed-watching gang called the Shadow Financial Regulatory Committee, is more restrained in his criticism.

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