I want to play a kids game of connecting the dots on the list about the future of some of the troubled banks. The dots are:
- GS and MS getting a banking license. I suppose if they planned to buy a bank they don’t need a license, as it will come automatically. You need a license if you plan to build a new bank from pieces
- GS is raising $10, potentially $15 billion in a rush deal with Buffett and on the secondary market
- GS is indicating that it plans to buy some banking assets at the open market
- Both S&P and Fitch downgraded WaMu tonight
- There is a bank run on the Bank of East Asia
- Congress is voting to give Paulson $700 billion to purchase distressed financial assets and Buffett supports the plan
Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I am a contractor for Money Map Press, publisher of Money Morning, Sure Money, and other information products. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases I receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.