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At the time neither Goldman nor JP Morgan were depository banks nor were they covered by ANY depository guarantee. They were granted that status to enable them to receive TARP funds, IIRCC.

IIRC they bought themselves some tiny bank somewhere so as to qualify as "bank holding companies"...

Economics is politics by other means

by Carrie (migeru at eurotrib dot com) on Mon May 9th, 2011 at 01:21:20 PM EST
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