Federal Reserve and FDIC reject ‘living wills’ of Wells Fargo,Bank of America and three others that don’t meet requirements to avoid another bailoutSome of the US’s biggest banks still lack a proper contrivance for bankruptcy, in the event of another major financial crisis, or US regulators said on Wednesday.
In the wake of the powerful recession banks were required to come up with “living wills” to prove they had a credible contrivance for bankruptcy that would not require another bailout from the taxpayers. Continue reading...
Source: theguardian.com