I was wondering why is goldman still allowed to trade like a non bank. Shouldnt their leverage be way way way lower right now,and their capital way way way higher.
Yeah, you're right. Especially when these assholes are colluding with the Government of the United States to create the highest level of net profits they have ever had in the history of their institution while people go begging in the streets.
Cuz GS = Da Gubmint, and, what BLSH said is good advice. Don't want some Gubmint agency playing proctologist with yo happy a$$.
Remember last fall when the shorts started in on GS during the feeding frenzy? I couldn't believe my eyes. Then they come out with the commercial bank scam just in time. These guys are my heroes (sarcasm).
Technically I think they are Financial Holding Company A financial entity engaged in a broad range of banking-related activities, created by the Gramm-Leach-Bliley Act of 1999. These activities include: insurance underwriting, securities dealing and underwriting, financial and investment advisory services, merchant banking, issuing or selling securitized interests in bank-eligible assets, and generally engaging in any non-banking activity authorized by the Bank Holding Company Act. The Federal Reserve Board is responsible for supervising the financial condition and activities of financial holding companies. Similarly, any non-bank commercial company that is predominantly engaged in financial activities, earning 85% or more of its gross revenues from financial services, may choose to become a financial holding company. These companies are required to sell any non-financial (commercial) businesses within ten years.