FDIC

The Federal Deposit Insurance Corporation is moving to exercise its newly granted authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act to become both the trustee and bankruptcy court for future distressed financial firms. Earlier this month the agency issued proposed regulations to structure resolution proceedings under the new law. Unfortunately, most of these regulations are little more than a grand exercise in reinventing the wheel.

"http://dealbook.blogs.nytimes.com/2010/10/27/resolution-rules-and-bankruptcy-reality/?scp=2&sq=bankruptcy&st=cse