Enoch Powell wrote a nice piece about the absurdity of price controls in the British empire. A restaurant was fined because its recipe for bernaise sauce did not take account of the cost of ingredients when it raised its price for a steak with sauce. Nothing as foolish has appeared since then except for the living wills regulation for banks. They only provided for the first 7 days of cash flow after bankruptcy but didn't forecast for the eighth and subsequent days. The absurdity of this political query to show that the collective was on its toes with companies with 250 billion net worthy, would make Enoch Powell fulminate from above.

News item five big banks' living wills rejected by u.s. banking agencies





Speak your mind

1 Comment so far

  1. Anonymous on April 14, 2016 7:27 pm

    the article reporting the absurd reasons for holding the banks not meeting the living will criteria because they only forecast 5 days after the
    failure is here. http://www.bloomberg.com/news/articles/2016-04-13/five-big-banks-living-wills-rejected-by-u-s-banking-agencies


Resources & Links