Matt Levine, Columnist

Bail-Ins, Social Norms and Cows

Also structuring, moonshots, the Financial Choice Act, blockchains and Uber.

June 8, 2017 at 1:30 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Banco Popular.

We talked yesterday about the resolution of Banco Popular Espanol SA, which was wound up by Europe's Single Resolution Board by wiping out its shareholders, wiping out its Additional Tier 1 capital, writing down its Tier 2 capital to 1 euro, and then selling it to Banco Santander SA, leaving its senior debts and deposits untouched. "It is as textbook a bank resolution as you could hope for," I said. Bloomberg View's editorial board agrees: