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Would you like a savings account with Goldman Sachs or Morgan Stanley?

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Wizard's First Rule
User ID: 338227

United States
9/21/2008 10:25 PM

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Would you like a savings account with Goldman Sachs or Morgan Stanley?

Now you can. The last two remaining independent investment banks are now linked to the Fed Reserve and the central banking system.

Last major investment banks change status
[link to news.yahoo.com]

Rule #1: "Given proper motivation, almost anyone will believe almost anything. People will believe a lie because they want to believe it's true, or because they are afraid it might be true. People’s heads are full of knowledge, facts, and beliefs, and most of it is false, yet they think it all true. People can only rarely tell the difference between a lie and the truth, and yet they are confident they can, and so are all the easier to fool."
Rule #2: "The greatest harm can result from the best intentions. It sounds a paradox, but kindness and good intentions can be an insidious path to destruction. Sometimes doing what seems right is wrong, and can cause harm. The only counter to it is knowledge, wisdom, forethought, and understanding the First Rule."
Rule #3: "Passion rules reason. Letting your emotions control your reason may cause trouble for yourself and those around you."
Rule #4: "There is magic in sincere forgiveness, the magic to heal. In forgiveness you grant, but more so, in forgiveness you receive. Forgiving and being forgiven are powerful elements of healing for the soul. Forgiving others grants by the giving of forgiveness but more so one receives self healing by the necessity of letting go of bitterness through forgiveness of others."
Rule #5: "Mind what people do, not only what they say, for deeds will betray a lie. People will lie to deceive you from what they truly mean to do. Watching the actions they take will prove their true intentions."
Rule #6: "Let logic be your only sovereign. Unlike reason, faith and feelings provide no boundary to limit any delusion, any whim. They are a virulent poison, giving the numbing illusion of moral sanction to every depravity ever hatched. Faith and feelings are the darkness to reason’s light. Reason is the very substance of truth itself. The glory that is life is wholly embraced through reason."
Rule #7: "Life is the future, not the past. The past can teach us, through experience, how to accomplish things in the future, comfort us with cherished memories, and provide the foundation of what has already been accomplished. But only the future holds life. To live in the past is to embrace what is dead. To live life to its fullest, each day must be created anew. As rational, thinking beings we must use our intellect, not a blind devotion to what has come before, to make rational choices."
Rule #8: "Deserve victory. Be justified in your convictions. Be completely committed. Earn what you want and need rather than waiting for others to give you what you desire."
Rule #9: "A contradiction cannot exist in reality. Not in part, nor in whole. To believe in a contradiction is to abdicate your belief in the existence of the world around you and the nature of the things in it, to instead embrace any random impulse that strikes your fancy - to imagine something is real simply because you wish it were. A thing is what it is, it is itself. There can be no contradictions. In reality, contradictions cannot exist. To believe in them you must abandon the most important thing you possess: your rational mind."
Rule #10: "Willfully turning aside from the truth is treason to one's self. People who for whatever reason don't want to see the truth can be acutely hostile to it and shrill in their denunciation of it. They frequently turn their venomous antagonism on whoever dares to point out that truth ... To those seeking the truth, it's a matter of simple, rational, self interest to always keep reality in view. Truth is rooted in reality, after all, not the imagination."
Rule #11: "The rule unwritten. It is the secret of all life. It is the essence of life itself. You are a creator and master of your own reality. You ultimately make your own rules."

Poof
User ID: 458746

United States
9/21/2008 10:39 PM

Re: Would you like a savings account with Goldman Sachs or Morgan Stanley?

Wow, there's about 4 thread on this already, but your will get my bump.
Here 's an article from CNBC:

[link to www.cnbc.com]

Goldman, Morgan Switch To Bank-Holding Firms
Topics:China | Wall Street | Banking | Stock Market
Sectors:Banks
Companies:Wachovia Corp | Goldman Sachs Group Inc | Morgan StanleyBy CNBC.com With Wires | 21 Sep 2008 | 09:48 PM ET Font size: The Federal Reserve says it has granted a request by the country's last two major investment banks—Goldman Sachs and Morgan Stanley—to change their status to bank holding companies.

The Fed announced late Sunday that it had approved the request of Goldman.

The change in status will allow them to create commercial banks that will be able to take deposits, bolstering the resources of both institutions.

It also will put them directly under the regulatory supervision of the U.S. central bank.

To provide increased liquidity to the companies, the Fed agreed to lend to the firms' broker-dealer subsidiaries on the the same terms as the Fed discount window for banks and the central bank's Primary Dealer Credit Facility lending window for investment banks.

It said it was making the same collateral deals available to the broker-dealer subsidiary of Merrill Lynch [MER 29.50 7.44 (+33.73%) ].

The change continued the biggest restructuring on Wall Street since the Great Depression.

Because of the change, Morgan Stanley is unlikely to do some kind of deal with Wachovia [WB 18.75 4.25 (+29.31%) ] or even get a cash infusion from the Chinese government.

Shares of both institutions had come under pressure ever since the bankruptcy filing last week by investment bank Lehman Brothers [LEH 0.2151 0.1631 (+313.65%) ] and the forced sale of investment bank Merrill Lynch to Bank of America [BOFA Unavailable () ].

Investors feared that the last remaining independent investment banks would not be able to survive in their current form.

There had been speculation that both institutions would be acquired by commercial banks, whose ability to take deposits would give them a stable source of funding.

The decision by the two giants of finance to get approval from the Fed to change their own status represented another dramatic development in one of the most turbulent periods in Wall Street history.

In the surprise announcement late Sunday, the central bank said that to provide increase funding support to the two institutions during the transition period, they would be allowed to get short-term loans from the Federal Reserve Bank of New York against various types of collateral.

The decision means that the Goldman and Morgan Stanley will be able not only to set up commercial bank subsidiaries to take deposits, giving them a major resource base, but they will also have the same access as other commercial banks to the Fed's emergency loan program.

After the collapse of Bear Stearns and its forced sale to JP Morgan Chase last March, the Fed used powers it had been granted during the Great Depression to extend its emergency loans to investment banks as well as commercial banks.

However, that extension was granted on a temporary basis.

But as commercial banks, Goldman Sachs and Morgan Stanley will have permanent access to emergency loans from the Fed, the same privilege that other commercial banks enjoy.

The action by the Fed's board of governors in Washington came on a day when the Bush administration continued to campaign for quick congressional approval of its request for authority to use $700 billion to purchase a mountain of bad mortgage debt held by financial companies.

The effort represented the boldest action yet aimed at stabilizing chaotic financial markets.

Democrats in Congress said they would demand provisions in the bailout measure to protect people in danger of losing their homes as well as seeking to cap executive compensation at firms who get to unload their bad mortgages debt onto the government.

But the proposal was expected to win quick congressional passage because both parties are concerned about the adverse reaction in financial markets should the measure look like it was being delayed.

—Reuters and AP contributed to this report.

So, no deal for Wachovia.

NIBIRU2012
User ID: 507889

United States
9/21/2008 10:41 PM

Re: Would you like a savings account with Goldman Sachs or Morgan Stanley?	Quote
WTF??, now i'm worry Nibiru is coming are you ready? :eq:

Poof
User ID: 458746

United States
9/21/2008 10:43 PM

Re: Would you like a savings account with Goldman Sachs or Morgan Stanley?	Quote
Man, if you weren't worried before then you've got nerves of steel.

LS
User ID: 437351

United States
9/21/2008 10:46 PM

Re: Would you like a savings account with Goldman Sachs or Morgan Stanley?	Quote
easiest question i have answered all day. NO! they are doing this because they have no other means to generate investment capital, i.e. very few are willing to invest with them anymore.

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