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So who is too big to fail now?

The difference between the costs of insuring debt at major US banks is higher than for French banks, raising the post-crisis question of who is too big to fail today

Here's an irony Morgan Stanley chief executive James Gorman can probably live without.

In early October, Morgan came under extreme pressure, largely due to questions about the firm's exposure to French banks. Although that has since eased, especially in the wake of Wednesday's central-bank-induced markets rally, the cost of insuring against default by Morgan is still elevated - and remains higher than the cost of protection on big French banks themselves.

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