Former Treasury chief Larry Summers proposes new way to assess bank risk – unfortunately, it's a really bad metric

In a Brookings Papers on Economic Activity publication last month, Harvard economists Natasha Sarin and Larry Summers posed the question, “Have Big Banks Gotten Safer?” When such an important figure weighs in on a subject of such profound interest to our subscribers and readers, it deserves close attention. Unfortunately, the paper is based on a fundamental flaw.

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