The Phaserl


On US Banks Being Told to Make Plans to Prevent Collapse

by Economic Policy Journal:

I am getting quite a few emails from readers asking about the news that:

U.S. regulators directed five of the country’s biggest banks, including Bank of America and Goldman Sachs, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.

This is all nutty propaganda that has nothing to do with a view by government that a crash is imminent (This is about a 2010 document).  The report goes on to say:

According to documents obtained by Reuters, the Federal Reserve  and the U.S. Office of the Comptroller of the Currency first directed five banks — which also include Citigroup, Morgan Stanley and JPMorgan Chase — to come up with these “recovery plans” in May 2010.

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