During the financial meltdown in 2008 the largest U.S. banks were deemed too big to fail. In return for bailouts the U.S. government set several regulatory measures. One of them was a so-called living will which is a plan for how to successfully handle a bankruptcy. The news today is that five of the largest banks failed this test. The New York Times reports that 5 Banks fail to pass muster with their living wills.
Five giant banks – including JPMorgan Chase and Bank of America – failed to fulfill a crucial regulatory requirement that Congress introduced after the 2008 financial […]