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Citigroup made a similar statement in its summary. It said its plan shows the company could be wound down in a way that addresses a potential systemic disruption in the U.S. or global financial markets without the use of taxpayer funds. Goldman Sachs noted it believes all financial institutions, regardless of size, should be able to undergo a bankruptcy process without costing taxpayers. Meanwhile, Morgan Stanley and Barclays each said in their summaries that their mock bankruptcy plans would mitigate serious financial jolt to the U.S. The Federal Reserve and FDIC, however, have the last word. If they decide a bank's plan isn't adequate, the regulators can require the company to raise more capital, tamp down on growth, or even sell off units. The banking industry has criticized the living wills as a pretext for allowing the government to split up big banks. On the other side, different critics say that the living wills don't go far enough, because they don't address the underlying issue that banks are too big. The summaries can be viewed here:
http://www.fdic.gov/regulations/reform/
resplans/index.html
[Associated
Press;
Copyright 2012 The Associated
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