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Major banks say they are ready to go under

Quicklink Submitted By Sheila Samples 1 comment

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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.

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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

Related Topic(s): Bailout; Banks; Banksters; Citigroup; Financial, Add Tags

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