Cohn says 'too big to fail' banks got bigger through post-crisis U.S. rules

Regulations implemented since the 2007-2009 financial crisis have only made the biggest U.S. banks bigger and hurt competition in the industry, Gary Cohn, the former director of the U.S. National Economic Council said on Monday at an event hosted by Reuters Breakingviews.

"We haven`t ended `too big to fail,`" Cohn said. "We made rules and regulations that made (the big banks) bigger. Congratulations."

Cohn, 58, who was the No. 2 executive at Goldman Sachs Group Inc before joining the Trump administration, also defended the fact that no top bankers have gone to jail for behavior leading to the financial crisis. He argued that they did not break any laws and that some, like former Lehman Brothers Chief Executive Dick Fuld, lost much of their wealth.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)