Heidi N. Moore is The Guardian's U.S. finance and economics editor. She was formerly the New York bureau chief and Wall Street correspondent for Marketplace.
Prior to joining Marketplace, Moore was a reporter for the Wall Street Journal, where she was the lead writer for the paper’s award-winning Deal Journal online and daily newspaper column during the height (and depths) of the world financial crisis. In addition, she wrote an analysis of banks and mergers and broke news of SEC investigations, big acquisitions, and Barclays Capital buying most of Lehman Brothers out of bankruptcy. Before that, she was U.S. Bureau Chief for London-based, Dow Jones-owned weekly newspaper and daily website, Financial News. For six years, she was a senior writer covering Wall Street banks and power brokers for The Deal magazine.
Moore’s articles on Wall Street banks and finance have been published in The New York Times, Washington Post, New York Magazine, Financial Times and Slate.
Moore is a graduate of Columbia University and a native New Yorker. In her free time, Moore enjoys running and traveling.
Features by Heidi N. Moore
Today, July 3, is the deadline for the nine biggest banks working in the U.S. to publish their "living wills" - a handy guide to their financial position and what their plan is to sell off or refinance their businesses if there's another major financial crisis.
The living wills are part of the Dodd-Frank financial reform act; they're designed to help us break up and wind down banks if they fail in another financial crisis, without spending taxpayer money on bailouts. (Good luck with that).
Only the nine biggest banks - the ones with more than $50 billion in assets - released their living wills today. Another 114 banks will submit their living wills next year.
Easy Street brings you the link to the living wills, courtesy of the FDIC, here.
Just as an early look, the banks wanted to keep things as vague as possible. (Although we're sure their legal teams are going to be really mad at us for saying so.)
Bank of America, for instance, used its living will to do some cheerleading about its future goals in a very "dear diary" manner:It wants to "continue to build a fortress balance sheet" (from its current sand-castle balance sheet, we suppose); it wants to "manage efficiency well," and it wants to "be a good place to work." All of those are noble goals, but will they help the bank avoid a messy demise in a devastating financial crisis? They will not. Be sure to peruse the other living will as you sit in traffic on the way to the beach.