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To answer your question, here's from the FT:
In a statement issued at 9.30pm Sunday, the Federal Reserve said it had approved their applications to become bank holding companies, subject to regulation by the Fed.

During the transition period, the Fed will make loans to both entities and to the broker-dealer subsidiary of Merrill Lynch against collateral acceptable for posting either by a bank or a securities firm.

The Fed will also lend to Goldman, Morgan and Merrill's London-based broker dealer subsidiaries directly.

The Fed approval is subject to a five-day waiting period for potential antitrust issues.



A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Mon Sep 22nd, 2008 at 05:51:34 AM EST
[ Parent ]
Thanks, Mig.  All I get from FT is a three line teaser or a headache.  I can't afford to subscribe to the entire neo-classical spectrum.  My pocket book and my gag reflex prevent it.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Sep 22nd, 2008 at 10:24:57 AM EST
[ Parent ]
Just google the headline and follow the google news link. Then you can read the whole thing.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Mon Sep 22nd, 2008 at 10:33:19 AM EST
[ Parent ]

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