Tom Michaud

speaker

480 appearances 1 recordings 1 series first heard Jun 2026 last heard 3 Jun

Tom Michaud’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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And so that wasn't the safe harbor that the bank thought it was.

And that was exactly the same issue with First Republic.

So these depositors fleed because they said, we don't want to wait and see how this mark to market on this bond portfolio happens.

And so that's really how this all happened.

But I think what started it all was the bank doubled in two years.

And what did they do with the money?

And where were they as focused on safety and soundness and liquidity as they should have been?

Well, so this is a great story, Wolf, and I'm glad you brought it up because what was the public response to 2008?

Well, we got Dodd-Frank, and I think we basically got nearly 20 years of a policy and regulatory enforcement that was perimeter enforcement of banks.

So let me tell you what I think perimeter enforcement is.

It's the government telling these banks what they can and cannot do,

That's one perimeter.

The other perimeter is by asset size.

The bigger you are, the more structure, compliance, and capital you need to have.

And so that period has changed with the current administration in the United States, okay?

But let me tell you what happened during that period.

During that period,

The banking industry lost a tremendous amount of market share to unregulated banks.

And that growth happened in non-banks.

It happened in private credit.

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