Reply #153: Federal Reserve changes status of Goldman Sachs and Morgan Stanley to bank holding companies

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http://talkingpointsmemo.com/news/2008/09/last_major_investment_banks_ch.php

The Federal Reserve said Sunday it had granted a request by the country's last two major investment banks — Goldman Sachs and Morgan Stanley — to change their status to bank holding companies.

The Fed announced that it had approved the request of the two investment banks. The change in status will allow them to create commercial banks that will be able to take deposits, bolstering the resources of both institutions.