Hedge-fund manager David Einhorn delivered a colourful speech at the Value Investing Congress in New York City today. He said that the government should break up JP Morgan Chase, Bank of America, Wells Fargo and Citigroup.
“The lesson of Lehman should not be that the government should have prevented its failure,” Einhorn said. “The lesson of Lehman should be that Lehman should not have existed at a scale that allowed it to jeopardize the financial system.”
Of course, that’s a point that we’ve been making for quite a long time.
Here’s the whole speech.