From The Hill
By Senator Ted Kaufman
''The “living wills” Dodd-Frank required the major banks to write, spelling out how they would be wound down in a crisis, were released on July 3. Their hypothetical scenarios would be of little use in the real world. Each of the wills depends on that bank’s ability to sell assets in an orderly manner to another large financial institution. But given how interconnected they are, if one megabank is in trouble, the probability is they will all be in the same boat. “Orderly” is not what happens in a meltdown.''
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