Grab A Retirement Saver’s Tax Credit
On Monday morning, President Donald Trump floated the idea of a so-called 21st century Glass-Steagall Act, in which the largest banks in the United States would be broken up.
As it turns out, some of the most powerful minds in finance view such a maneuver as a “dream scenario” as President Trump enacts his agenda of tax cuts, financial deregulation, healthcare reform and infrastructure spending. Ken Griffin, the billionaire founder of hedge fund giant Citadel said at the Milken Global Institute conference in Beverly Hills, California he is in favor of a bank breakup.
“My fantasy is we actually break up the big banks,” Griffin told an audience of big name investors and corporate executives. Griffin argues that the size and scale of banks has made them uncompetitive and prevented innovation in the industry. Other sectors, where power isn’t concentrated at the top, allow for entrepreneurs and private investors to bring new models.
“Banking is shielded from good governance…