Posted on 09/27/2010 12:03:32 PM PDT by Oldeconomybuyer
Sheila Bair, chairman of the Federal Deposit Insurance Corporation, has warned US banks to end their “push back” against government pressure to draw up living wills that would make it easier to wind them up in case of failure.
The US has already adopted formal powers, enshrined in the Wall Street reform act that passed this summer, allowing regulators to close down systemically important companies. But an international agreement is likely to be illusive, in part because of stark differences over the treatment of creditor rights between the US and Europe.
The FDIC has 18 months under the Dodd-Frank reform act to draw up detailed rules for the US resolution authority. But Ms Bair warned that some banks were dragging their feet over the “hard work” needed to meet this time-scale.
(Excerpt) Read more at ft.com ...
Better link?
Unsure why the link does not work...
Go to Google News, keyword search ‘living wills’ and it’s the first story.
Tried to read article could not because of ads. Maybe just me.Just letting you know.
Ok, thanks.
http://www.ft.com/cms/s/0/4494c816-ca56-11df-a860-00144feab49a.html
They have something about registering which comes up right after the aticle is flashed on the screen.
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