That is, the problem is deemed to be giving banks too much discretion on the asset side of the balance sheet, when the liability side is insured.

FORBES: Vickers, Bank Ring Fencing, Glass Steagall, They're Not the Answer

Given that in most recent big bank bailouts, non-deposit creditors have been made whole, a huge potential liability for the U.S. government on top of its exposure to deposits insured by the thinly-capitalized Federal Deposit Insurance Corp.

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