Fed approves Goldman acquisition of GE Capital's U.S. online deposits

[think]

Source: Reuters

Goldman Sachs Group Inc (GS.N) received permission on Monday to complete its $17 billion acquisition of GE Capital Bank's U.S. online deposits.

The deal, which was approved by the Federal Reserve, had been pending since August 2015.

Goldman would control around $95 billion in deposits through its GS Bank unit following the acquisition, according to a statement from the Federal Reserve.

The Federal Reserve had extended the initial comment period for the deal and received feedback from 84 individuals and organizations that both opposed and supported it, it said.

Read more: http://www.reuters.com/article/us-goldman-sachs-generalelectric-idUSKCN0WN1M5

[onecaliberal]

1. Of course. What the fuck could possibly go wrong

[pangaia]

2. Elect Hillary.. YEAAAAAAAAAAAAAAAAA!!!!

[chapdrum]

3. Corrupt corporation acquires

assets of yet another corrupt corporation.



I hope that Bernie will use this as an example of why megabanks MUST be broken up.

[olddad56]

4. Doesn't Goldman Sachs own the Fed? I have always thought they did.

[Divernan]

5. Hill's wagging finger and "Cut it out" had the opposite effect.

Too big to fail just got $17 fucking billion bigger!

[Monk06]

6. OK this is a shocker Goldman Sachs assets $861 Billion

The top two Canadian banks BOTH have assets in excess of 1 TRILLION $

Americans think their economies are owned by banks ?

Dream on we beat you by a country mile

http://business.financialpost.com/news/fp-street/rbc-ousts-toronto-dominion-to-become-top-bank-as-both-hit-1-trillion-milestone

And the Canadian banking system is very closely regulated by the Bank of Canada which is controlled by the Canadian government

One of the things the big five Canadian banks are not allowed to do is sell derivatives or invest directly in the stock market They can only invest through investor accounts with an interest in blue chip mutual funds

They were also barred from investment in securitized mortgage instruments that brought down the US real estate market

The good news is the Canadian banks are stronger than the US banks even the top tier such as Goldman Sacks The bad news is that the banks control the governments of both our countries The only caveat is that we can vote out bankers every five years Which we did with Trudeau at least we think we did