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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.
Public summaries reveal that Morgan Stanley and Goldman Sachs plan to sell assets or stand-alone businesses to other financial firms, private-equity investors or insurance companies in the event of a collapse. Citigroup said its banking business could be split off from the parent company and recapitalized as a smaller bank. Credit Suisse plans to sell its businesses to hedge funds, banks and securities firms.
Originally posted by matthewgraybeal
They will just become bought by another bank, and the name might change. Meet the new Boss same as the old boss.
Banks are required to give the government the tools to wind them down in a case of failure under provisions of the Dodd-Frank financial reform law designed to end the practice of bailing out “too big to fail” banks by the state. The act aims to secure the financial system from turmoil such as followed the collapse of Lehman Brothers or Bear Stearns in 2008.
Originally posted by caterpillage
Sorry no expert here, but I say LET EM CRASH! Crash them all! Burn these banks to the ground, and don't give them so much as a fork to bail out with! Arrest those in charge, hang 'em. And lets fix our world and make it ours.
Originally posted by jude11
Originally posted by caterpillage
Sorry no expert here, but I say LET EM CRASH! Crash them all! Burn these banks to the ground, and don't give them so much as a fork to bail out with! Arrest those in charge, hang 'em. And lets fix our world and make it ours.
So now that you got that off your chest...feel better?
I know I do.
Peace
Originally posted by SouthernForkway26
Major Banks Say They Are Ready To Go Under
Banks are required to give the government the tools to wind them down in a case of failure under provisions of the Dodd-Frank financial reform law designed to end the practice of bailing out “too big to fail” banks by the state. The act aims to secure the financial system from turmoil such as followed the collapse of Lehman Brothers or Bear Stearns in 2008.
Part of the new regulations. Theyre trying to say that they have a plan, and if something crazy happens and a big bank fails there's nothing to worry about. They have a plan for that. I doubt that they would be able to sell their assets to the willing buyers like they say they can. If one goes down, you can bet that the market is gonna be worried about the rest of them. Prices for these assets are likely to plummet before they are all sold, creating a snowball effect. It's all just more smoke and mirrors to try to keep faith that the market is stable and prepared.
Originally posted by caterpillage
Sorry no expert here, but I say LET EM CRASH! Crash them all! Burn these banks to the ground, and don't give them so much as a fork to bail out with! Arrest those in charge, hang 'em. And lets fix our world and make it ours.
Originally posted by Mamatus
Originally posted by caterpillage
Sorry no expert here, but I say LET EM CRASH! Crash them all! Burn these banks to the ground, and don't give them so much as a fork to bail out with! Arrest those in charge, hang 'em. And lets fix our world and make it ours.
Truly spoken like someone who has no money in the bank..... Wish I could get away but I can't, I NEED banks, merchant card processing, Paypal, Authorize.net and a variety of other parasitic forms turkey taxes that suck away about 5% of my Gross a year.
Now maybe someday someone will pay in pure gold. For now it's all credit cards.
Originally posted by SouthernForkway26
reply to post by jude11
There's defenitely a cluster coming, but don't count on them being ready. How can somebody know all the pieces to put together what will happen? Did the banks consider what would happen if more than one went down? Did they work with each other for the plan because we all know that none of these banks are an island. The safe bet is to be in hard assets like silver, gold, real estate, etc. Also investments in your own personal knowledge and skills pay off in the long run, collapse or not.