In one critical meeting on Sept. 16 (the day after Lehman Brothers Holdings Inc.'s bankruptcy), Tom Hoenig, then the president of the Federal Reserve Bank of Kansas City, stated the problem succinctly: “I think we tend to react ad hoc during the crisis, and we have no choice at this point. But as you look at the situation, we ought, instead of having a decade of denying too big to fail, to acknowledge it and have a receivership and intervention program." Hoenig then warned: "We are in a world of too big to fail, and as things have become more concentrated in this episode, it will become even more so."
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