Fed Finally Finds The 230 Trillion Number: Blasts Banks' "Living Wills", Says Taxpayers Still On The Hook
ZeroHedge
Having torched Janet Yellen over the weakness of the so-called “living wills” of the Too-Big-To-Fail banks, it appears Elizabeth Warren’s tirade struck home. As WSJ reports, in a sweeping rebuke to Wall Street, U.S. regulators said 11 of the nation’s biggest banks haven’t demonstrated they can collapse without causing broad, damaging economic repercussions and ordered them to show “significant” progress by July 2015. Of course, the whole ‘living will’ concept is a self-referential joke, but we leave it to Thomas Hoenig to sum it up: “the plans provide no credible or clear path through bankruptcy that doesn’t require unrealistic assumptions and direct or indirect public support.” In other words, taxpayers are still on the hook.
In other words, the Fed finally figured out something that is so obvious, even five year olds were well aware: namely that banks fading into darkness, by way of living wills, is sheer idiocy.
The Federal Reserve and the Federal Deposit Insurance Corp. said bankruptcy plans submitted by big banks make “unrealistic or inadequately supported” assumptions and “fail to make, or even to identify, the kinds of changes in firm structure and practices that would be necessary to enhance the prospects for” an orderly failure. The regulators raised the specter of slapping banks with tougher capital, leverage and other rules—and even eventually forcibly breaking them up—absent significant progress to address the shortcomings.
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