Salomon is correct. The Salomon Interlude Last June, I stepped down as Interim Chairman of Salomon Inc after ten months in the job. You can tell from Berkshire's 1991- 92 results that the company didn't miss me while I was gone. But the reverse isn't true: I missed Berkshire and am delighted to be back full-time. There is no job in the world that is more fun than running Berkshire and I count myself lucky to be where I am. http://www.berkshirehathaway.com/letters/1992.html
I think this declaration making GS and MS banks is going to bite a lot of folks. They are now tied to FinCEN's and all the banking secrecy act. They are required to report all account transfers over $10K to the feds. They are required to file SARS reports on their clients. Take the SARS reporting for example. If they have the slightest inclination that their client is engaged in any fraudulent activity... or even attempts to engage in a fraudulent transaction they are obligated under penalties to fill out a SARS report and submit to FinCENS. Its not just cash transactions... any attempted short this week is required to be reported. Insane amount of policing and paperwork. Checkout FinCEN.gov and the transparency the Government now has over all operations and holdings of GS and MS. Combine foreign investors and the patriot act and finCEN's. Appears anyone with money can be targeted as a suspected terrorist and all assets frozen or seized without any notice. Can you say Government sanctioned license to steal?