Tuesday, September 8, 2009

If You Wait Too Long...

Think about what this would mean in the U.S. if B of A and Citi or some combination of big conglomo banks were to be served with such an order? Are you prepared?

UK was hours from bank shutdown
FSA ready to close cash machines during crisis
by Larry Elliott and Jill Treanor, The Guardian
Britain was within hours of a banking shutdown last autumn as the government battled to piece together a rescue plan for the stricken Halifax and Royal Bank of Scotland, it has emerged.

Treasury mandarins and Bank of England officials battled the clock to come up with a support package on the weekend of 12 October. If they had failed, the Financial Services Authority could have ordered the closure of cash machines and prevented deposits at either of the two main casualties of the global financial chaos...

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