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Reuters: Big Banks Craft “Living Wills” in Case They Fail

June 27, 2012, 08:00 AM
Filed Under: Banking News

Reuters reported that five of the largest U.S. banks are crafting plans for going out of business as part of the government-mandated contingency planning created by the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts from the government.
The Reuters report states, the plans known as living wills, are due to regulators no later than July 1, 2012 and JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are among the banks submitting the first liquidation scenarios to regulators, according to people familiar with the matter.

The liquidation plans are coming amid renewed questions about the safety of big banks following JPMorgan's recent trading debacle, according to the report.

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