Login
ISCOVER
Wall Street’s two remaining investment banks will now operate under the supervision of the Federal Reserve as the financial market storm threatened to drag them down along with their peers.
Goldman Sachs and Morgan Stanley will now operate as bank holding companies, which will allow them easier access to credit.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
This move contributes to the Federal Reserve’s growing number of bail outs, following that of AIG last week, its US$700 billion (A$870 billion) credit market rescue plan announced on Friday, and the seizure of Freddie Mac and Fannie Mae earlier this month.
Published: 23-09-08
Related ArticlesFast action essential for multi-billion dollar financial US rescue plan 22-09-08
Federal Reserve makes billion dollar rescue loan for AIG 17-09-08
Today's other news
