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Academic

: Conglomerate

Everybody Wants The Protection of the Fed

By Gordon Smith, Christine, Hurt, Vic Fleischer, Fred Tung, Lisa Fairfax, David Zaring

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Goldman Sachs' and Morgan Stanley's possibly not that voluntary decision to become bank holding companies maybe have only been the start of the bankization of bank-like institutions.  Today, American Express said it would also reorganize as a Fed-regulated BHC.  A sign that the credit card crisis is upon us?  The Fed waived the normal 30-day waiting period on the application "in light of the unusual and exigent circumstances affecting the financial markets.''

Full post as published by Conglomerate on November 10, 2008 (boomark / email).

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