As promised, the Fed and FDIC have rejected the bankruptcy unwinding plans (or “living wills”) of JPMorgan and 4 other systematically important banks, including Bank of America, Wells Fargo, State Street, and BNY Mellon after finding that they were “not credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code” – NYTimes and Law360

So what was the big problem?  Apparently, too many of these 5 were counting on “liquidity help from other subsidiaries that could be cut off from providing that aid when things go awry.”  “Stand-alone liquidity,” you see, is the name of the game – NYTimes

Citi, meanwhile, was the big winner – WSJ

The 2d Circuit ruled yesterday [from the bench, no less!]that Judge Griesa was right to lift his injunction that had barred Argentina from paying its creditors, thus paving the way for the South American nation to “raise billions of dollars to pay a group of New York hedge funds” and end more than 15 years of “bitter legal wrangling” – NYTimes

Credit Suisse has agreed to pay $50.3 to settle NCUA allegations that the Swiss bank “lied about the quality of mortgage-backed securities it sold to two since-failed credit unions” – Law360

The Journal on why China’s markets and banks make the rest of the financial world so jittery – WSJ

According to Andrew Caspersen’s new counsel, if you were hoping for a protracted legal battle over his alleged fraudulent actions, you’ll likely be disappointed – NYTimes

Looks like, initial resistance aside, Mr. Pearson’s going to Washington after all – Law360

Federal authorities have “threatened a series of stiff sanctions against Theranos. . . including closing down its flagship laboratory and potentially barring its chief executive from owning or operating its labs for two years”—the latest blow to the down-on-its-luck blood-testing company that can’t seem to get its act together – NYTimes and WSJ

Lest you thought big Mattie was just playing around with those potatoes for fun in The Martian . . . turns out it’s the real deal – WSJ