Rodge Cohen Discusses Europe’s Debt Crisis on CNBC’s “Closing Bell”

August 24, 2011

On August 24, Mr. Cohen was a guest on CNBC's “Closing Bell” where he discussed the eurozone's financial woes. Mr. Cohen said he believes Europe's smaller, regional banks, particularly those that are state-owned, are “where the real weakness lies in the European banking system.” He also said that while U.S. banks might be affected to a certain extent by the economic situation in Europe, he said he believes their “European exposure is quite limited.” He added that U.S. banks are “in a much stronger position than they were in 2008. Capital has more than doubled. They're awash in liquidity. Asset quality is strong.” Mr. Cohen also spoke about the U.S. economy, and noted that housing could be crucial in ending the recession. “What I would like to see is a quick settlement of all the litigation disputes going on so the banks and servicers can get back to making loans and restructuring loans, and really remove almost a miasma of uncertainty,” he said. “That would, I think, be a tremendous boost for the entire housing market.”