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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It's a global leader.

It doesn't mean that there are bad banks in other markets.

It's just that their regulatory regime has not been as conducive to helping them.

And I think...

that the policies that are being undertaken by Secretary Besson and this administration are supporting that.

If you look at the capital, okay, the capital is at a two-decade high for banks.

So it's been more than fully restored.

And if you look at Citigroup, which did struggle during the global financial crisis, their tangible common equity to asset ratio was roughly –

one and three quarters percent at the time of the global financial crisis.

Today, it's over six.

So they've fully recapitalized their balance sheets.

Their liquidity is better.

So I think the banks have benefited from some of this regulation.

It just went too far.

And as you said earlier, the pendulum went too far.

And there's an approach, Wilf, I think this is important, where a lot of industry observers say, oh, we're in a deregulatory period.

I don't believe that to be true.

I think we're in a regulatory reset and a pivot.

And the prior period was the extraordinary period where we had tremendous regulatory expansion.

I think we're actually just going back to what was originally intended.

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