Biggest Banks Say They Won't Need Bailouts If They Fail

Law360, New York (October 3, 2013, 3:06 PM EDT) -- The biggest U.S. bank holding companies all said they have plans in place to wind themselves down if they fail, avoiding costly taxpayer bailouts, according to public resolution plans released Thursday by federal banking regulators.

The 11 banks, including behemoths JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc., Bank of America Corp. and Morgan Stanley, all said that they have developed methods to recapitalize key units while selling off some parts and winding down their holding companies through bankruptcy proceedings, according to the public...
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