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The head of a multinational law firm that works with large companies involved the financial crisis says we should expect to see a lot more government regulation in the future.
Speaking to students at BYU, financial expert Randy Guynn of the Davis Polk & Wardwell law firm told the group he expects a lot more of the smaller banks to go under before the market turns around. "When people start realizing which ones are the unhealthy banks, there's a real risk that there will be runs on those banks, and we'll see them collapsing," he said.
Guynn also says the $700 billion bailout package will actually likely need to be more than $1.5 trillion for it to get the job done.
He also says it troubles him to say it, but continued government bailouts are likely the best fix at this point.
E-mail: rjeppesen@ksl.com
