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
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