Breaking Up is Hard to Do
The British government announced that it will break up parts of major financial institutions bailed out by taxpayers, highlighting a growing divide across the Atlantic over how to deal with the massive banks that were partially nationalized during the height of the financial crisis. The British government is forcing the Royal Bank of Scotland, Lloyds Banking Group and Northern Rock to sell off parts of their operations. The move to downsize some of Britain's largest banks comes as U.S. politicians are debating whether American banks should also be required to shrink.
