Economist Roubini calls regulatory reform "cosmetic"

05/19/2010 | CNBC

Nouriel Roubini, the famed economist dubbed "Dr. Doom" for his dismal outlook for the economy, said efforts to overhaul the financial-regulatory system are "cosmetic." "We need more radical reforms," Roubini said. "The idea that we'll be able to close down an institution like Goldman [Sachs] in an orderly way -- a business that operates in nearly a hundred countries -- is absurd." He outlined three main issues with major financial institutions, saying they are too big to fail, too big to be rescued and too big to be risk managed.

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