FIRST AIRED: May 23, 2017

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00:00:00
seven years after the financial crisis and a majority of the nation's biggest bank still don't have adequate plans to wind down operations it caught on the wrong side of the next crisis , I'm glad we can win the banking capital of New York U. S. regulators announcing on , I don't think that they have rejected the so called living wills of our major banks , JPMorgan chase bank of America Wells Fargo State Street and bank of New York , he's living wills are supposed to demonstrate how each bank would go to the bankruptcy process without any financial help from taxpayers plans are now required by landmark Wall Street reform couldn't place at the financial crisis and the billions of dollars in bailout money , by the federal reserve and the federal deposit insurance Corp ruled the current living wills were an adequate and beast fired banks have to resubmit them October first the government considered eight banks to be too big to fail meaning those bank operations , so large that it disrupted they would wreak havoc on the overall economy , much like the collapse of Lehman Brothers did during the crisis , with breaking up the big banks a popular topic on the campaign trail especially when it comes to the Democrats this report is likely to be used as evidence of a banking system that hasn't gone far enough to prevent the next financial catastrophe from walking into an economic calamity