It seems that everyone is trying to get access to the cheap money the FED is handing out by becoming a bank. We have already seen the larger investment banks transition into Federally regulated banks in order to get Fed funds. Now Genworth Financial has agreed in principle (whatever that means) to buy Interfirst Bank solely for the ability to tap Fed funds. Also joining the race to become a bank: America Express. According to this article, AMEX wasn’t even in dire straights, but the FED fast-tracked their application anyways.
Archive for November, 2008
The Run on (being) the Bank
Posted by Jordan Crouch on November 17, 2008
Posted in Capital Markets | 1 Comment »
