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Banks on Monday had to give regulators copies of their living wills, which will guide regulators on how to resolve a failing but systemically important bank. The Federal Reserve and Federal Deposit of Insurance Corp. released the summaries of these living wills for the megabanks.
The living wills are supposed to spell out exactly how regulators would halt business operations and sell parts of the bank should the bank spiral downward the way Lehman Brothers or Bear Stearns did in 2008.
The banks generally state in their resolution summaries that -- in the unlikely situation they don't have enough capital in subsidiaries to cover claims -- money could be raised "by divesting in any of our lines of business," as the summary for JPMorgan Chase stated.
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