She wants some tough changes and is trying to push these reforms through a non-profit group called the Systemic Risk Council, which is backed by the Pew Charitable Trusts.

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My prediction would be that we will see a return to a more fragmented world in which many diverse non-systemic institutions can operate more comfortably and take on the degree of risk they feel happy with.

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The FDIC has locked horns with other agencies over who should be the new systemic-risk regulator and who should have authority to wind down failing non-banks.

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Moreover, there is no evidence that the ILCs of non-financial companies played any part in the financial crisis, or that they pose any systemic risk.

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And the other big things such as global systemic risk and hegemon country risk (more on that later), and those non-company specific factors generally dwarf the risk due to company choice in a well diversified portfolio.

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