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    News Summary: Big US banks craft 'living wills'

    By The Associated Press | Associated Press – Tue, Jul 3, 2012

    LIVING WILLS: Several of the largest U.S. banks have submitted plans aimed at showing federal regulators how the government could break up and sell off their assets in the event they face financial collapse.

    NINE BIGGEST: Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS each submitted their "living wills" to banking regulators.

    CRISIS PREVENTION: The plans are required under the 2010 financial overhaul, which gave regulators the power to seize and dismantle banks that threaten the broader financial system. The government hopes to prevent more taxpayer-funded bank bailouts.

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