UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: WatchingTheHerd Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 489607  
Subject: Re: GS and MS are now bank holding companies Date: 9/21/2008 10:20 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
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..."

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next


Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Collected Mungofitch Quotes
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.