Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

9 of 10
BACKNEXT
Too Big to Fail
Too Big to Fail
Considered one of the loudest critics of the "Too Big to Fail" excuse protecting America's largest banks, former Fed Chairman Paul Volcker, ironically was the creator of T.B.T.F. more than 20 years ago.

When Chicago's largest bank Continental Illinois went under in 1984, the Federal Reserve rushed in to save the day, issuing Continental $3.6 billion in loans. Volcker was at the Fed's helm.

Testifying before the Senate, he later defended the move, saying bailouts are "the most basic function of the Federal Reserve. It was why it was founded."

Since then, Volcker has advocated against the "Too Big to Fail" monster he helped create.



NEXT: The helicopter speech
Last updated March 24 2011: 3:05 PM ET

Search for Jobs

More Galleries
The 7 biggest investment mistakes celebrities make From betting too heavily on real estate to overestimating future earnings, here are 7 of the most common money mistakes that celebrities make. More
Cotton candy, toothpicks, pet gel -- these products are all made from marijuana Legal cannabis, an estimated $5.4 billion industry, is drawing in entrepreneurs with a variety of innovative products -- from skin patches to pain relief gel for pets. More
Coolest hotel bars for business travelers CNNMoney asked two concierge services for high-flying business people what hotel bars they'd recommend in 5 major U.S. cities. Here are their favorite spots. More

Special Offer