The Greatest Unsung Hero of the Financial Crisis

Pimon: The greatest unsung hero post-financial crisis was the first vice chair of supervision. Daniel Tarulo, who came in after Dodd-Frank, "crushed leverage," Pimon says. He required firms like City were 40 times levered when he was done; now they're 10 timesLeverage. And even within the 10 times levered, he required them to cut off the tails of risk.