Too Big To Fail

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The Financial Stability Board (what a great name!) has created a list of the world’s top 30 “systemically important” financial institutions — aka banks that are too big to fail.  Citi and BofA make the list; Wells Fargo doesn’t.  If you were in charge of Wells, would you be pleased or annoyed?

Via Felix Salmon, who wants to know why there are no American insurers on the list.  Probable answer: AIG has already failed, so they can hardly make the list, and America’s other big insurers are mostly purely domestic affairs.  They’re the Fed’s problem, not the world’s.

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