Professor Edward Kane:

I do not see precisely what Deputy Phelan is getting at but there is a size sufficient that it does not help to get much bigger if it were not for the guarantees that came from getting bigger. Some of the institutions, and we can point to JP Morgan, seem to have become too big to manage. That is okay because the Government is behind them and people do not feel at risk. We must really try to imagine what the world would be like if we did not have these government guarantees. We would not see so many large and complicated institutions.