Tom Cooley and Kim Schoenholtz have a new op-ed up at the HuffPo:
To make the US financial system safe, we need to end the era of big bailouts. In December, the US and the UK took a significant step in that direction, announcing a common strategy for resolving insolvent cross-border financial giants. … Cross-border entanglements make it difficult to resolve a [large financial institution] without a crisis. When Lehman failed, it had nearly three thousand legal entities in fifty countries.