[kerouac]

Thanks Hank!

Quote:

Federal Reserve analyses have noted that the banks’ expansive interpretation of the grandfather clause has not only enabled them to conduct new, high risk physical commodity activities not otherwise permitted by law, but also created a competitive disparity between Goldman Sachs and Morgan Stanley, on the one hand, and financial holding companies on the other hand that cannot invoke the grandfather clause.

Quote:

The report says that a Fed analysis found that some of Goldman’s commodities activities, like owning power plants and storage facilities, were generally not permitted under the Bank Holding Company Act. In its analysis, the Fed added that Goldman had asked the Fed to determine if the grandfather clause permitted the activities to continue. But the analysis said that the Fed’s lawyers were still considering that request.

from:
http://dealbook.nytimes.com/2014/11/19/f...ps-giving/

For more about the Vampire Squid!


Washington and The Banks - A Revolving Door

The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet