Snappy,
FDIC insures deposits up to a certain amount. New regulations are a much bigger deal for retail banks that also have an investment banking arm. So Citi, Bank of America (bought Merrill), JP Morgan (own Chase and acquired WaMu), Wells Fargo ( also acquired Wachovia) etc. These guys probably would have to split up completely.
I think the ‘low interest loans in financial crises’ part would catch many of the rest, though.
“Administration officials said they were not trying to resurrect Depression-era laws that strictly divided commercial banks from investment operations. Nor would their proposals force existing financial firms to downsize.”
THEY ARE, this is why the market is reacting today the way it is. FOOLS.
And secondly, of course it will force existing financial firms to downsize, that’s the whole point. The writer is a moron.
ch, that line confuses me as well. If they are not trying to downsize GS by forbidding them to do trading for their own account, then exactly what are they trying to do?
Obviously with GS, JPM, C, down big-time today somebody thinks that they are.
Or maybe Obama is having another failure to communicate.
M4L, I opened the accout six year ago, so I’m not sure if it will apply to you, but, yeah, so long as you have $2,500 in the checking, you get all atm fees refunded.
Canadian bankers are HOT!
I know that Dave, but would this effect them!!??
“So this will only apply to banks falling into that category? But I thought all banks were FDIC insured? Clearly I went wrong somewhere. Where?”
Banks are not insured by the FDIC. Consumer deposits are insured at banks by the FDIC.
Snappy basically if your a bank you don’t get to play in the trading sandbox is what they are saying.
There’s no straightforward answer but if this happens you’ll see an even larger mass exodus of NYC to foreign banks abroad.
Or maybe Obama is having another failure to communicate.
Posted by: denton at January 21, 2010 3:00 PM
He did so well in Boston earlier in the week.
Snappy,
FDIC insures deposits up to a certain amount. New regulations are a much bigger deal for retail banks that also have an investment banking arm. So Citi, Bank of America (bought Merrill), JP Morgan (own Chase and acquired WaMu), Wells Fargo ( also acquired Wachovia) etc. These guys probably would have to split up completely.
I think the ‘low interest loans in financial crises’ part would catch many of the rest, though.
AIG is not a bank.
“Administration officials said they were not trying to resurrect Depression-era laws that strictly divided commercial banks from investment operations. Nor would their proposals force existing financial firms to downsize.”
THEY ARE, this is why the market is reacting today the way it is. FOOLS.
And secondly, of course it will force existing financial firms to downsize, that’s the whole point. The writer is a moron.
ch, that line confuses me as well. If they are not trying to downsize GS by forbidding them to do trading for their own account, then exactly what are they trying to do?
Obviously with GS, JPM, C, down big-time today somebody thinks that they are.
Or maybe Obama is having another failure to communicate.
M4L, I opened the accout six year ago, so I’m not sure if it will apply to you, but, yeah, so long as you have $2,500 in the checking, you get all atm fees refunded.