Citibank as a Government Entity?

Many of the big banks received huge bailouts from the government during the great recession. If they faced a crisis again, what would stop them from expecting another bailout the next time around?  That question has led one Fed official, Thomas Hoenig, president of the Kansas City Fed, to raise the issue of whether big banks should be reclassified as government sponsored entities, kind of like Fannie Mae and Freddie Mac. Louise Story, Wall Street and finance reporter for The New York Times tells us more about Heonig’s proposal and how the banking industry is reacting.