The financial horse may be out of the barn, but U.S. regulators are apparently trying to make sure that banks shoulder the burden if another financial crisis occurs.
U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.The behind-the-scenes effort appears to be aimed at saving not just banks and their shareholders but the American taxpayers who bailed them out with few if any strings attached during the last go-round.
As a taxpayer, I hope these regulators will forgive me if I have my doubts.
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