Goldman, Morgan to Be Bank Holding Companies
* BUSINESS
* SEPTEMBER 21, 2008, 10:32 P.M. ET
Goldman Sachs, Morgan Stanley
To Be Bank Holding Companies
A WALL STREET JOURNAL NEWS ROUNDUP
The Federal Reserve said it had approved the transformation of both Morgan Stanley and Goldman Sachs from investment banks to traditional bank holding companies, a step that would place the last two Wall Street titans under the close supervision of national bank regulators, subjecting them to new capital requirements and additional oversight.
Real Time Economics
Fed Statement on Goldman Sachs, Morgan Stanley
The Fed said it would also extend additional lending to the broker-dealers of the two firms, in addition to Merrill Lynch's, as they make the transition.
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