bad bank convergence

During the recent financial crisis it appeared that America’s small banks could do no wrong. President Barack Obama said the world would have been better off if the entire financial system had been more like them. Legislators tried to ease their burden, often at the expense of their bigger banking competitors. Last week, community bankers even won a meeting with the president to try to convince him to reduce red tape on their part of the industry. But while it’s true that the nation’s 8,000 sma...