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Hedge Funder Ken Griffin: 'If I Could Wave A Magic Wand, I Would Break Up The Banks'

Julia La Roche   

Hedge Funder Ken Griffin: 'If I Could Wave A Magic Wand, I Would Break Up The Banks'
Finance1 min read

Hedge fund billionaire Ken Griffin, the founder of Citadel,

Sorkin began the conversation with the topic of banking.

"If I could wave a magic wand, I'd break up the banking system," Griffin said.

Griffin said that he would break up the big banks because they are both too big to fail and too big to manage.

He also said that he would pull the securities business out of the banking system.

Sorkin asked him if he supported the Occupy Wall Street Movement.

"No, I do not," Griffin replied.

Griffin moved on to discuss the influence central banks have had on risk taking activities around the world. He also questioned the effectiveness of quantitative easing (QE).

Sorkin asked him where he sees the market going.

"We don't try to profit by picking the direction of the stock market," Griffin explained, adding that they're in the game of picking individual stocks which he believes will outperform.

The conversation shifted to the recent insider trading charges against SAC Capital Advisors.

Griffin noted that Steve Cohen is having "one of his darkest moments." He said it's unfortunate that a few bad apples put a cloud over the hedge fund firm.

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