The Inside Story of How the Clearing House Proved Dodd-Frank Works

To cover the bank's losses, the FDIC arranged an $80 billion line of credit that was funded by institutional investors and guaranteed by the Orderly Liquidation Fund, which was mandated in Dodd-Frank. The law requires other large banks to repay this money. (The people playing FDIC officials, led by Mike Krimminger of Cleary Gottlieb, asked for $200 billion but the folks playing Treasury Department officials, led by Michael Helfer of Citigroup, only approved $80 billion; in the end only $40 billion was tapped.)

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