Credit Photograph by David Goldman / The New York Times / Redux
One of the signal, but formerly obscure, achievements of the Dodd-Frank Act, passed in the wake of the financial crisis, was the requirement that big banks write living wills in preparation for their eventual deaths. These documents (the technical term is resolution plans) specify everything from how subsidiaries might continue to operate after a head office has declared bankruptcy to how I.T.-service co…
Read the full article at: http://www.newyorker.com/business/currency/why-the-big-banks-cant-imagine-their-own-demises
