Explaining FinReg: Resolution authority

Ezra Klein: “Any firm that goes into resolution – or that taps into the liquidation fund – is destroyed. Its management is fired. Its shareholders are wiped out. Its creditors lose money. It’s broken into pieces and sold. That’s why it’s closer to execution than resolution, and why it’s so deeply misleading to call this a bailout. No company wants to go through resolution. In fact, once a company goes through resolution, there’s no more company.” – “Toxic Bank Death Panel?”