Daniel Indiviglio is a Reuters Breakingviews columnist, based in Washington, where he covers the intersection of politics and business. He joined from The Atlantic, where he covered a similar beat, providing analysis on topics such as financial regulation, housing finance policy, the Treasury, and the Fed. He also wrote for Forbes. He is a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. Prior to becoming a journalist, Dan spent several years working as an investment banker and a consultant for financial services firms. He holds a BA from Cornell University, where he triple majored in economics, philosophy and physics. Follow Dan on Twitter @indiviglio
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The $1.6 trln lender secured a provisional stamp of approval from regulators for its living will. Less credible plans from 11 other titans suggest size isn’t the issue. Wells ranks fourth in assets and first in market cap. The real problems are complexity and interconnectedness.
Coaxing 5 million undocumented immigrants out of the shadows could provide an economic boost, generating tax revenue and jobs. But the executive action virtually ensures Republicans won’t compromise on other priorities like tax reform, infrastructure and trade. It’s a wash.
Going from a U.S. government job to the private sector raises conflicts, as shown by events at Goldman. And a banker’s possible role at the Treasury is under fire. Such moves warrant clear rules, but cross-fertilization is valuable. It would be a shame to make it too hard to do.
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