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How to shrink the banks

The only way to restore sanity and security to finance is to stop banks growing so big

By Jonathan Ford   December 2009

In June of this year, Richard Bove, a banking analyst at an American brokerage, Rochdale Securities, wrote an upbeat research report on Citigroup, the distressed giant banking conglomerate. Though he works for a small company, the white-bearded Bove has a big following. His opinionated stance and regular cable television appearances have made him one of Wall Street’s best-known commentators on the financial crisis.

Bove argued that Citigroup’s shares, then trading at just $3 each, could more than quadruple in coming years. This was, to say the least, bold. The bank has been one of the biggest casualties of the crisis,…

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