Banks Reminded Uncle Sam Won't Always Be There With a Few Bucks
Jonathan Weil found a funny:
There's an amusing line in this notice yesterday by the Federal Reserve and the Federal Deposit Insurance Corp. The regulators told banks they should "not rely on the provision of extraordinary support by the United States or any other government" when drafting their so-called living wills. Those are the documents that describe how they could be dismantled if necessary in a crisis. In other words, when writing up the plans that assume they will die, they're not allowed to assume that they won't. Go figure.
Well, I suppose having their heads cryogenically frozen indefinitely is still an option.