The CRASH Commeth! Reuters: Fed tells its 5 Member-Banks to prep, to stave off coming collapse!

 Submitted by AnCapMercenary on Fri, 08/10/2012 - 17:07
Economy

Exclusive: U.S. banks told to make plans for preventing collapse

(Reuters) - U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.

By Rick Rothacker
Fri Aug 10, 2012 8:41am EDT

The two-year-old program, which has been largely secret until now, is in addition to the "living wills" the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress.

Officials like Lehman Brothers former Chief Executive Dick Fuld have been criticized for having been too hesitant to take bold steps to solve their banks' problems during the financial crisis.
According to documents obtained by Reuters, the Federal Reserve and the U.S. Office of the Comptroller of the Currency first directed five banks - which also include Citigroup Inc,, Morgan Stanley and JPMorgan Chase & Co - to come up with these "recovery plans" in May 2010.
More...

Courtesy of LRC:
‘U.S. banks told to make plans for preventing collapse’

Posted by Lew Rockwell on August 10, 2012 11:41 AM
Like adopting 100% reserves? Nope. The inherently bankrupt will stay that way, until—no matter what this article claims—they need a few trillion from the Fed.

The CRASH Commeth! Reuters: Fed tells its 5 Member-Banks to prep, to stave off coming collapse! | Peace . Gold . Liberty | Revolution


I'll Tell You What .... I will NOT follow a BROKE DUMB ASS.... Nor do I know anyone WILLING to FOLLOW a BROKE DUMB ASS

I'm talking about BROKE in the head when it comes to Tax Payer Money

NO MORE DUMB ASSES Spending like an out of control DRUNK Sailor on Pay Day