“Don’t make us do it!”
Assets too small to cover liabilities
The banks owe more money then they have. (insolvent) How many? probably citi and boa. (they dispute it. the market does not believe it.) Probably others.
This American Life — Bad Bank
C and BoA –
They have over 1/4 of all money in US… top 20 banks have 90%
If not the US we would would say… “Take over the banking system, clean it up, privatize it as soon as you can…”