View Single Post
Old 03-30-2013, 12:00 PM   #176
Meck77
.
 

Join Date: Sep 2002
Posts: 16,628
Default

Ok fellas check out what the FDIC and Bank of England are up to. It appears what some of us suspected. Cyprus was only a test. See (*****) Below

The Federal Deposit Insurance Corporation (FDIC) and the Bank of England—together with the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, and the Financial Services Authority— have been working to develop resolution strategies for the failure of globally active, systemically important, financial institutions (SIFIs or G-SIFIs) with significant operations on both sides of the Atlantic.
The goal is to produce resolution strategies that could be implemented for the failure of one or more of the largest financial institutions with extensive activities in our respective jurisdictions. These resolution strategies should maintain systemically important operations and contain threats to financial stability. (*****They should also assign losses to shareholders and unsecured creditors in the group, thereby avoiding the need for a bailout by taxpayers. ****)

Summary Here
http://www.silverdoctors.com/fdic-ba...or-tbtf-banks/

Actual FDIC Document with the quote I posted above.

http://www.fdic.gov/about/srac/2012/gsifi.pdf

Last edited by Meck77; 03-30-2013 at 12:03 PM..
Meck77 is offline   Reply With Quote