FDIC Not Waiting for ‘Living Wills’ To Start Big Bank Takedown

Well, here’s something that’s gone mostly unnoticed.  From the FDIC:

Acting chairman stresses that the agency’s own planning is just as important as plans submitted by companies.

Seems that the big banks were asked to submit a sort of ‘plan’ for their own demise.

The Federal Deposit Insurance Corp. on Tuesday approved a rule requiring the nation’s largest banks to submit “living wills” to help regulators shut them down in an orderly way if they are seized on the brink of failure.

And now it appears that the FDIC may not be willing to wait much longer.

Personally, I think we’ve waited long enough.  This country can function just fine without the banks that have committed fraud.  You know, the ones for which the majority of our taxpayer money has been providing life support.  Allowing these banks to fail is probably the best thing that can happen….well, besides the officers and board members of these banks being prosecuted and put in jail.  Then we’d be cooking with gas.