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Old 06-02-2013, 05:56 PM   #1
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Wells Fargo warning on debt

Wells Fargo's chief executive has warned the Federal Reserve against forcing banks to hold more long-term debt, a measure that central bank officials believe will help end the phenomenon of institutions judged "too big to fail."

http://www.cnbc.com/id/100782811
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Old 06-03-2013, 08:25 AM   #2
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Quote :
Under a new "orderly liquidation authority," unsecured debtholders would be forced to swap their debt for equity in a recapitalised group.
Will Joe Sixpack understand that this is essentially saying, "You are gonna get Cyprused"?

Unsecured debtholders = customers with accounts > FDIC limit ($250K IIRC)

forced to swap debt for equity = confiscated to bail out the bank
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