WASHINGTON, DC-The Federal government last night put together a plan that makes investment banks Goldman Sachs and Morgan Stanley bank holding companies, giving them access to Federal Reserve Bank of New York funds yet putting them under stricter regulations.
The move comes after both firms were looking for a buyer and follows the failure of investment bank Lehman Brothers and the proposed acquisition of Merrill Lynch by Bank of America. This newest move essentially ends Wall Street's investment-banking era.
Read more about the action here on MarketWatch or view the Fed's press release.
Check GlobeSt.com throughout the week for updates on the financial crisis.
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