FDIC Has Unexpected Partner on Firm Failures

``The law allows the government to subject certain systemically important firms to orchestrated wind-downs instead of bankruptcy, which during the crisis was deemed inadequate to limiting a systemic breakdown. Michael Krimminger, who was the FDIC's general counsel when Dodd-Frank was debated and is now in private practice, said including the SIPC in the new resolution facility -- which was enacted under "Title II" of the law -- helped ensure the regime resembled how failed companies are normally wound down.''