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According to Charlie Gasparino on CNBC-Asia. This means that they are now considered Commercial Banks and they get Fed backing.

Here is the link to CNBC-Asia Video...


I'll bet that folks will be tripping over their feet to deposit money at MS and GS... Or maybe MS and GS just plan to borrow the Fed's money and never open a single customer account.


Yup, just a legal maneuver to allow them to hold their palm out at the back door of the Fed.

In related news....

SwindleNewsNetwork - New York

A spokesperson for WatchingTheHerd Investments and Pre-Owned Bridges announced the privately held firm has also requested Commercial Bank status with the Federal Reserve. When asked about the firm's background and expertise in commercial banking, the spokesperson would only respond "Experience? We were not aware experience or expertise was a requirement. We just realized we are in danger of missing payments on our fourth homes in Aspen. We just saw the other people lined up and assumed..."

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