Major banks say they are ready to go under..thats a relief!

http://rt.com/business/news/banks-crisis-failure-plans-381/

The US Federal Deposit Insurance and Federal Reserve released public summaries of plans for quick liquidation of nine of the world’s largest banks in the case of an emergency, without government bailouts.

Complex financial firms with more than $250 billion in nonbank assets including J.P. Morgan Chase, Bank of America, Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley, Barclays PLC, Deutsche Bank, Credit Suisse and UBS were the first to prepare the worst case scenarios by July 1. In total, about 125 banks are expected to submit plans to the regulators by the end of 2013.

Public summaries reveal that Morgan Stanley and Goldman Sachs plan to sell assets or stand-alone businesses to other financial firms, private-equity investors or insurance companies in the event of a collapse. Citigroup said its banking business could be split off from the parent company and recapitalized as a smaller bank. Credit Suisse plans to sell its businesses to hedge funds, banks and securities firms.

Meanwhile Barclay’s paper is already out of date after the resignation Tuesday of CEO Bob Diamond and COO Jerry Del Missier.

Banks are required to give the government the tools to wind them down in a case of failure under provisions of the Dodd-Frank financial reform law designed to end the practice of bailing out “too big to fail” banks by the state. The act aims to secure the financial system from turmoil such as followed the collapse of Lehman Brothers or Bear Stearns in 2008.

———-

you cant get more blatant than this..its like having the fire fighting crews stationed on the edge of the forest..all ready to fight the fire..whenever it starts..

401

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~ by seeker401 on July 7, 2012.

8 Responses to “Major banks say they are ready to go under..thats a relief!”

  1. The fire started a long time ago … it’s all smoke and ashes.

    They are blind men, groping in the darkness at noon.

    Deut. 28:29

  2. Exit strategy ….. which window ?

  3. http://wattsupwiththat.com/2012/07/07/wikipedia-fail-names-romney-45th-president/ Aipac, mossad or either jidf (I’d suspect any of those) got caught editing Mittens’ wikipedia page :D

    • “While only up for 26 minutes, it underscores just how vunerable Wikipedia’s pages are to the opinions and actions of an anonymous single person, especially when controversial subjects are involved.”

  4. An invitation from the British Bankers Association …

    10th Annual Financial Crime Conference
    26/09/2012 – 105-108 Old Broad Street, London EC2N 1EX

    Member Price: £418.80 including VAT
    Non-Member Price: £538.80 including VAT
    Register and pay online or complete the order form
    Addressing Global Threats in a Changing Environment

    Tackling financial crime effectively can make a huge difference to your firm’s reputation and profitability. But when the criminals are innovating and collaborating globally, the world-wide economic situation developing constantly, and the regulatory situation both in the UK and abroad changing significantly, never has it been harder to address these threats robustly. This conference will help you to understand the key factors and enable you to pro-actively plan for your response to potential financial crimes against your firm.

    As the perpetrators become more international in their approach, so does this conference – examining the world-wide threats that may impact on banks here in the UK and beyond, enabling you to better understand the risks and how to prevent them. Key issues covered include Fraud, Anti Money Laundering, Bribery and Corruption, and Cyber Crime. The event also provides vital updates on what the Government, agencies and Regulators’ are doing on a local and international scale to hep banks, as well as international regulation on FATF and FATCA.

    Special Offer – Book onto this conference and the Sanctions Conference (27th September) here and receive reduced delegate rate.

    Financial Crime Conference Speakers to be announced

    http://www.jsmineset.com/2012/07/08/jims-mailbox-952/

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