I just came to know of the existence of an official FSB list of "too big to fall" banks, which are therefore allowed to operate beyond any law nor common sense.
The list is as follows:
- Top "bucket": none
- Second "bucket":
- USA: Citigroup, JP Morgan Chase
- Europe: Deutsche Bank, HSBC
- Third "bucket":
- Europe: Barclays, BNP Paribas
- Fourth "bucket":
- USA: Bank of America, Bank of New York Mellon, Goldman Sachs, Morgan Stanley
- Europe: Credit Suisse, Royal Bank of Scotland, UBS
- Asia: Mitsubishi UFJ FG
- Fifth "bucket":
- USA: State Street, Wells Fargo
- Europe: BBVA, Groupe BPCE, Group Crédit Agricole, ING Bank, Nordea, Santander, Société Générale, Standard Chartered, Unicredit Group
- Asia: Bank of China, Mizuho FG, Sumitomo Mitsui FG
Dexia, Commerzbank and Lloyds were dropped from the 2011 list. BBVA and Standard Chartered were added instead.
Let them fall!
Source: Golem XIV, via Raging Bull-Shit, via Naked Capitalism.