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John Lounsbury
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John Lounsbury, Managing Editor and Co-founder of Global Economic Intersection, provides comprehensive financial planning and investment advisory services to a small number of families on a fee only basis. He has a background which includes 34 years with a major international corporation, 25... More
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Global Economic Intersection
  • Living Wills and Bank Downgrades 1 comment
    Sep 23, 2009 7:19 PM

    Moody's has warned that the Financial Services Authority, the UK banking regulator, is creating a ratings problem with the proposal for implementing "living wills" for banks.  These living wills would be prepared by banks to document how they should be dismantled in the event of financial difficulty.

    Moody's says that this removes the expectation of government backing for troubled banks.  Unless more capital was raised, the rating of such a bank would have to be lowered, according to Moody's.

    I have just one comment:  The truth shall set you free.  How can transparency be bad?

    Read about this at ft.com in an article by Jane Croft and Patrick Jenkins (here).

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  • derryl
    , contributor
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    Banksters don't want the truth that will set them free. They want to be rich.
    24 Sep 2009, 12:33 AM Reply Like
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