Fed Governor Daniel Tarullo: “If sovereign problems in peripheral Europe were to spill over to cause difficulties more broadly throughout Europe, U.S. banks would face larger losses on their considerable overall credit exposures. In addition to imposing direct losses on U.S. institutions, a heightening of financial stresses in Europe could be transmitted to financial markets globally.”
Gorilla translates: “Our banksters are worried they’ll look like your banksters, who look like our banksters used to look!”
