Ron Paul for Executor
by James Grant
These days, America’s federally compliant, too-big-to-fail financial institutions are hard at work on their living wills. The next time disaster strikes, the authors of the Dodd-Frank reform legislation stipulate, banking behemoths must have plans at the ready to dissolve themselves, rather than have the taxpayers pay to wind them up. The Federal Deposit Insurance Corp. was pushing for such an approach to crisis management even before the 848 pages of HR 4173 landed on the nation’s coffee table this summer with such a startling thud. Don’t worry, Sheila Bair has told the bankers whose deposits her agency insures: It won’t take more than 500 hours to throw together an acceptable submission.