EDITOR's NOTE: REUTERS, the worst News Agency in the world that spews forth Elitist Propaganda like a volcano spews noxious gases headlines the following report as an 'EXCLUSIVE' report, meaning this is breaking News that has not been reported before. However, well over a month ago, Russia Today reported the plans being made by TBTF banks like JP Morgan that would ensure that they could actually fail without collapsing the System. The fact that JPM, Citibank etc. cannot possibly fail without collapsing the System is besides the point; the fact is that this Reuters report is about as exclusive as if they reported that Michael Jackson had just died! Reuters lies blatantly, slant its reports to favor the Powers that Be because it is a News Agency, that like all the big so-called News outlets, are Propaganda arms of the Elitist Bankster / Corporate rulers of the world. It is only by dissecting these reports like dissecting a frog in a biology class can we get at the truth. NO, it is not possible for the TBTF's to fail without collapsing the System, and YES, the TBTFs will fail sooner or later! So so much for this REUTERS exclusive report!________________________________________________________________________
(Reuters) - U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.
The two-year-old program, which has been largely secret until now, is in addition to the "living wills" the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress.
Officials like Lehman Brothers former Chief Executive Dick Fuld have been criticized for having been too hesitant to take bold steps to solve their banks' problems during the financial crisis.
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 Inc,, Morgan Stanley and JPMorgan Chase & Co - to come up with these "recovery plans" in May 2010.
They told banks to consider drastic efforts to prevent failure in times of distress, including selling off businesses, finding other funding sources if regular borrowing markets shut them out, and reducing risk. The plans must be feasible to execute within three to six months, and banks were to "make no assumption of extraordinary support from the public sector," according to the documents.