Wall Street’s two remaining investment banks will now operate under the supervision of the Federal Reserve as the financial market storm threatened to drag them down along with their peers.
Goldman Sachs and Morgan Stanley will now operate as bank holding companies, which will allow them easier access to credit.
This move contributes to the Federal Reserve’s growing number of bail outs, following that of AIG last week, its US$700 billion (A$870 billion) credit market rescue plan announced on Friday, and the seizure of Freddie Mac and Fannie Mae earlier this month.
Published: 23-09-08Related Articles
Today's other news
Who do you aggregate through?
Thank you for your vote, you can see the results here.
Mortgage Choice has announced that Citi’s former head of bankin...
The major bank has announced that it will extend the maximum loan...
Credit growth has waned as a result of a sharp drop-off in busine...