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Last major investment banks change status
Sep 21, 11:02 PM (ET)
By MARTIN CRUTSINGER
WASHINGTON (AP) - The Federal Reserve said Sunday it had granted a request by the country's last two major investment banks - Goldman Sachs and Morgan Stanley (MS) - to change their status to bank holding companies.
The Fed announced that it had approved the request of the two investment banks. The change in status will allow them to create commercial banks that will be able to take deposits, bolstering the resources of both institutions.
http://apnews.myway.com/article/20080922/D93BGN3O1.html
Change the cover to protect the guilty and bilk the innocent ?
Sep 21, 11:02 PM (ET)
By MARTIN CRUTSINGER
WASHINGTON (AP) - The Federal Reserve said Sunday it had granted a request by the country's last two major investment banks - Goldman Sachs and Morgan Stanley (MS) - to change their status to bank holding companies.
The Fed announced that it had approved the request of the two investment banks. The change in status will allow them to create commercial banks that will be able to take deposits, bolstering the resources of both institutions.
http://apnews.myway.com/article/20080922/D93BGN3O1.html
Change the cover to protect the guilty and bilk the innocent ?