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Old 03-30-2013, 01:00 PM   #176

Join Date: Sep 2002
Posts: 16,833

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

Actual FDIC Document with the quote I posted above.

Last edited by Meck77; 03-30-2013 at 01:03 PM..
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