Aug 10, 2012

Interesting Day in Banking

U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help. [1]

The Fed supplied Reuters with the letters requesting plans from banks, but not the banks' actual plans because they were deemed confidential supervisory information. The regulator said it was withholding 5,100 pages of information.

Meanwhile, the Justice Department has announced that it will NOT prosecute Goldman Sachs over their alleged concealment of betting against securities related to the housing bubble bursting. [2]

I'll feign surprise, as why the fraternity brothers in Justice aren't arresting their fraternity brothers on Wall Street.

Wonder where the money goes? Chuck's pockets....

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