"Stein made something very clear: if and when a TBTF (too big to fail) fails, and since this time
is not different, and a failure is only a matter of time, depositors will lose
everything ........,which now that Cyprus is the template, is to be expected. Not only that but Stein makes it all too clear that part of the Dodd-Frank resolution authority guidelines, a bailout is no longer
an option."
http://www.zerohedge.com/news/2013-04-19/fed-governor-stein-warns-when-tbtf-bank-fails-depositors-will-be-cyprused
and the speech from Wednesday:
http://www.federalreserve.gov/newsevents/speech/stein20130417a.htm