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OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Big banks craft “living wills” in case they fail

Big banks craft “living wills” in case they fail

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PurpleSkyz

PurpleSkyz
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Big banks craft “living wills” in case they fail
Posted on June 19, 2014 by RonMamita — Leave a comment
Big banks craft “living wills” in case they fail Ba7428c034d39b22672448e914a24638?s=48&d=&r=G Originally posted on Amanah Satu - Malaysia:
Reuters
Big banks craft “living wills” in case they fail Reutersmedia-net
Credit: Reuters/Eduardo Munoz
(Reuters) – Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations.
The plans, known as living wills, are due to regulators no later than July 1 under provisions of the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts by the government. The living wills could be as long as 4,000 pages.
Since the law allows regulators to go so far as to order a bank to divest subsidiaries if it cannot plan an orderly resolution in bankruptcy, the deadline is pushing even healthy institutions to start a multi-year process to untangle their complex global operations, according to industry consultants.
“The resolution process is now going to be part of the cost-benefit analysis on where banks will do…
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