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If the complex financial institutions had been ordinary-sized business they would have gone bust.
This is because, for the large complex financial institutions, these creditors cover well over half the liabilities.Emphasis mine.
There may be 15 to 20 large complex financial institutions that are at the center of today's global derivatives marketplace.
"We need to get to the point where large, complex financial institutions are not perceived to be too big or too interconnected to fail," he said.
External audits must be rigorous and fit for purpose, especially when it comes to systemically important and bewilderingly complex financial institutions.
Your treasury secretary and the Fed chairman were on Capitol Hill today asking for this new authority that you want to regulate big, complex financial institutions.
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I think the FDIC has come up with a viable strategy for resolving a large complex financial institution.
But a lengthy, voluntary process is impractical in the panic surrounding the failure of a very large, complex financial institution.
Mr. Dimon, who has been in New York since early May, recently moved into Mr. Layton's spacious office on the executive floor of J.P. Morgan's headquarters on Park Avenue in Midtown Manhattan and is working 12-hour days as he explores the complex financial institution that he will inherit in two years.
The bill the Senate Banking Committee approved last month, with no bipartisan support, would give the Treasury secretary new power to step in if a large, complex financial institution, including hedge funds and insurance companies as well as banks, were on the brink of collapse.
In the crisis of 2008, however, it became clear that this procedure wasn't up to dealing with complex modern financial institutions like Lehman or Citigroup.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com