Financial Company Bankruptcies: Experts Had Mixed Views on Companies' Controls for Mitigating Obstacles, Report to Congressional Requesters [open pdf - 930KB]
From the Highlights: "GAO [Government Accountability Office] was asked to review actions to mitigate financial and legal obstacles GSIBs [global systemically important bank holding companies] could face under the Code. This report (1) describes actions GSIBs took to mitigate such obstacles and (2)analyzes expert views on the effectiveness of the actions, need for additional actions, and likely success of an SPOE [single point-of-entry] strategy. GAO focused on five U.S. GSIBs with large portfolios of derivatives (because of resolution obstacles such financial contracts pose). GAO reviewed and analyzed academic and industry studies on resolution of large financial firms; public sections of GSIB resolution plans; laws, regulations, and regulatory guidance on GSIB resolution plans; and proposals to amend the Code. GAO judgmentally selected and interviewed 30 experts (judges, academics, attorneys, other professional service providers, and counterparties) based on their knowledge of the Code and GSIB resolution. GAO also interviewed federal banking regulators and the five GSIBs covered by GAO's review."
Government Accountability Office: https://www.gao.gov/