Kaufman: U.S. Banks Nearly Socialist

Friday, November 13, 2009 11:04 AM

By: Gene J. Koprowski

Economist Henry Kaufman warns that the U.S. financial system is on the precipice of socialism, but can pull back with a few judicious steps by policymakers.

Writing in The Wall Street Journal, Kaufman, president of Henry Kaufman & Co., formerly managing director of Salmon Brothers, advocates reform of the concept of “too big to failâ€