Sean Barrett (Independent)
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I welcome Professor Kane. On page 11 of his submission, he refers to "the risks incurred in backstopping TBTF firms cannot be calculated and priced in the straightforward way that the risks of bond or insurance contracts can". How does he calculate the risk? Can he comment on the estimate of Ms Admati that it is worth approximately $300 billion a year in the United States to have that degree of protection?