News release: “Morgan Stanley today announced that its application to become a bank holding company was approved by the U.S. Federal Reserve Board of Governors. Morgan Stanley has elected to be deemed a financial holding company under the Bank Holding Company Act. Morgan Stanley sought this new status from the Federal Reserve to provide the Firm maximum flexibility and stability to pursue new business opportunities as the financial marketplace undergoes rapid and profound changes. The Firm will pursue initiatives to expand the retail banking services it offers its retail clients and build a stable base of core deposits. Morgan Stanley has more than 3 million retail accounts and had $36 billion in bank deposits as of August 31, 2008. The Firms status as a Federal Bank Holding Company also provides Morgan Stanley ongoing access to the Federal Reserve Bank Discount Window and expanded opportunities for funding.”
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Daily Archives: September 21, 2008
Goldman Sachs To Become The Fourth Largest Bank Holding Company
News release: “The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it will become the fourth largest Bank Holding Company and will be regulated by the Federal Reserve. In recent weeks, particularly in view of market developments, Goldman Sachs has discussed with the Federal Reserve our intention to be regulated as a Bank Holding… Continue Reading
Federal Reserve Board Approves Applications of Goldman Sachs and Morgan Stanley to Become Bank Holding Companies
News release: The Federal Reserve Board on Sunday approved, pending a statutory five-day antitrust waiting period, the applications of Goldman Sachs and Morgan Stanley to become bank holding companies. To provide increased liquidity support to these firms as they transition to managing their funding within a bank holding company structure, the Federal Reserve Board authorized… Continue Reading
Pelosi Statement on Legislation to Address Crisis in Financial Markets
“Speaker Pelosi issued the following statement today as Congress and the White House work to craft legislation to address the crisis in our financial markets: Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers interests. The Administrations $700 billion proposal does not… Continue Reading
Treasury Provides Further Clarity For Guaranty Program for Money Market Funds
News release: “The U.S. Treasury Department is continuing to develop the specific details surrounding the temporary guaranty program for money market funds that was announced on September 19, 2008. While these details are being finalized, Treasury is making the following clarifications…” Related postings on financial system Continue Reading
SEC Approves Amended Order Requiring Reporting of Short Positions by Certain Investment Managers
News release: “The U.S. Securities and Exchange Commission today approved amendments to its emergency order of September 18 (Release No. 58591) requiring that certain institutional money managers report their new short sales of certain publicly traded securities. In addition to making technical amendments, the revised order also provides that the information disclosed by investment managers… Continue Reading
New DHS Immigration Statistics Reports
Estimates of the Unauthorized Immigrant Population Residing in the United States: January 2007 (PDF – 7 pages): “This report provides estimates of the unauthorized immigrant population residing in the United States as of January 2007 for periods of entry and leading countries of birth and states of residence. Nonimmigrant Admissions to the United States: 2007… Continue Reading
Report: Global Water Futures – A Roadmap for Future U.S. Policy
Center for Strategic and International Studies: Global Water Futures – A Roadmap for Future U.S. Policy, by Erik R. Peterson and Rachel Posner “U.S. policies on the range of pressing international water-related issueshumanitarian relief, human health, economic development, environmental stewardship, and stability and securityare fragmented, underresourced, and insufficiently coordinated. In particular, both the U.S. governments… Continue Reading
Report – Closing Guantánamo: From Bumper Sticker to Blueprint
Center for Strategic and International Studies – Closing Guantánamo: From Bumper Sticker to Blueprint: A Report of the CSIS Human Rights and Security Initiative and the Working Group on Guantánamo and Detention Policy, by Sarah E. Mendelson. “Sarah Mendelson and the CSIS Working Group on Guantánamo and Detention Policy have concluded that the costs of… Continue Reading
Memorandum Regarding the Emergency Guaranty Facility for Money Market Fund
September 19, 2008 Memorandum For the Secretary of the Treasury Subject: Use of the Department of the Treasury’s Exchange Stabilization Fund to Support a Guaranty Facility for Certain Money Market Mutual Funds Pursuant to section 10(b) of the Gold Reserve Act of 1934, as amended, 31 U.S.C. 5302(b), I approve the use of funds from… Continue Reading
Recent CRS Reports: Deepwater Oil and Gas Leases, Fannie Mae and Freddie Mac in Conservatorship
September 18, 2008 – Royalty Relief for U.S. Deepwater Oil and Gas Leases September 18, 2008 – Reauthorization of the Federal Maritime Commission (FMC): Opportunity to Reexamine the Congressionally Mandated Antitrust Exemption for Ocean Liner Carriers? September 16, 2008 – Japan’s Political Turmoil in 2008: Background and Implications for the United States September 16, 2008… Continue Reading
Pew Hispanic Center 2008 National Survey of Latinos
2008 National Survey of Latinos: Hispanics See Their Situation in U.S. Deteriorating; Oppose Key Immigration Enforcement Measures, September 18, 2008 “Half (50%) of all Latinos say that the situation of Latinos in this country is worse now than it was a year ago, according to a new nationwide survey of 2,015 Hispanic adults conducted by… Continue Reading
