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- Announcement made on September 21, 2008Daily News: [http://www.nydailynews.com/money/2008/09
- /22/2008-09-22_mitsubishi_japans_largest_bank_to_buy_st.html Mitsubishi, Japan's largest bank, to buy stake in Morgan Stanley] (September 22, 2008)</ref>
- Change approved by unanimous vote of the Federal Reserve's board of governors earlier the same dayDaily News: Mitsubishi, Japan's largest bank, to buy stake in Morgan Stanley (September 22, 2008)
- Bank holding companies are regulated by the Federal ReserveDaily News: Mitsubishi, Japan's largest bank, to buy stake in Morgan Stanley (September 22, 2008)
- Investment banks are under the regulations of the U.S. Securities and Exchange CommissionDaily News: Mitsubishi, Japan's largest bank, to buy stake in Morgan Stanley (September 22, 2008)
- The investment bank Lehman Brothers filed for bankruptcy on September 15, 2008
- Investment bank Merrill Lynch was recently sold to Bank of America
- The Glass-Seagall Act was passed during the Great Depression and separates investment banking from commercial banking
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The two largest investment banks in the United States, Goldman Sachs and Morgan Stanley, announced late September 21, 2008 that they would become bank holding companies. The U.S. Federal Reserve approved the change on September 21. Bank holding companies can accept deposits and are considered more financially stable, but are subject to stricter regulations than investment banks.The New York Times: Shift for Goldman and Morgan Marks the End of an Era (September 21, 2008)
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Goldman Morgan Bank Holding Companies Questions
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Did JP Morgan and Goldman Sachs profit in the 2008 CDS market as the financial system destabilized? 1 Answerparts of their business did yes...but the more important take away is that they both lost money in their credit business read more -
What were the revenue sources of the $27 billion for JP Morgan? 1 Answerjp 15 bn retail banking 15 bn credit cards 18 bn investment banking whatever's left...other gs 9 bn trading 8 bn asset management 5 bn investment banking read more
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If banks were not holding cash would we see hyperinflation? 1 Answerinflation is controlled by the FED...it offsets inflationary and deflationary effects predicated by economic and banking activity with open market operations an... read more
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What is Margin Lending? Why do banks provide this service? 1 Answermargin lending is when you borrow against something usually a security, such as stock, basically the bank provides this service because they are insured that th... read more
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Goldman Morgan Bank Holding Companies Blogs and Commentaries
- Wall Street Journal Blog: MarketBeat : The Bank of Goldman Sachs and Morgan Stanley?
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