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Owning "stock" in the Fed is not the same as for another company, in particular private banks must by law own stock in the Fed:


"National banks are required to be member banks in the Federal Reserve System. Federal statute provides (in part):

        Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act [. . . .]

by Laurent GUERBY on Fri Aug 10th, 2007 at 10:24:26 AM EST
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