A Fed Chief Urges Aggressive Seizures
Thomas Hoenig, the president of the Federal Reserve Bank of Kansas City, rejected the notion Friday that some financial institutions are "too big to fail"; the government should be more aggressive in taking over troubled banks, he said.
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Hoenig also criticized the rushed nature of many government bailouts. "Our recent experience with ad hoc solutions to large failing firms has led to even more concentrated financial markets as only the largest institutions are likely to have the available resources for the type of hasty takeovers that have occurred," he said.
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