Almost six years after Lehman Brothers went bankrupt, the contingency plans of 11 major financial institutions to close up shop in an orderly process of resolution, without repeating the Lehman disaster, have been utterly rejected as unrealistic, incomplete nonsense by the regulators of Wall Street. Quite frankly, I can only blame "willful blindness" for the unwillingness of the 2008 survivors to make public a plan for their own dismemberment or even raise a legitimate scenario for their demise in another crisis. The tens of thousands of pages that comprise the "living wills" of JP Morgan Chase, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley and Wells Fargo are meant to willfully obscure any potential plan to become insolvent again and even propose breaking up their Too Big To Fail selves in an orderly resolution.
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