That has cut capital on hand by hundreds of millions of dollars, a substantial percentage of the bank's capital, saving millions a year in funding costs.

FORBES: From nuclear bombs to net assets

Their statement coincided with the 10th anniversary of an open letter written by the late Nobel Laureate Milton Friedman, explaining that the estate tax ties up capital, punishes saving and investing, fails to raise substantial revenue, and increases economic inequality.

FORBES: To Reduce The Deficit, Kill The Estate Tax

And substantial risks often have to be accepted in pursuit of life saving medical benefit.

BBC: What we can learn from fatal mistakes in surgery

They say having substantial cash reserves enables them to borrow at lower interest rates, saving money in the long run.

WSJ: States Build Cash Reserves, Raising Rainy-Day Debate

They also predicted that the new measure would benefit the rich with substantial savings rather than encourage the less well-off to start saving.

ECONOMIST: Australia