Word: deposition
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...both Morgan Stanley and Goldman Sachs to operate as commercial rather than investment banks, CEO John Mack sees obvious benefits from a tie-up with the Tokyo giant. "Mitsubishi UFJ would be a valuable partner as we transition to a bank holding company and build our bank services and deposit base," Mack said...
...greater risk from mass redemptions - like a run on the bank - than there is from a rash of money funds declaring that their assets have gone bad. Money market funds are designed to be low risk, and by law are allowed to invest only in government bonds, certificates of deposit, short-term IOUs issued by companies, and other highly liquid securities - though, unlike the similarly named "money market deposit accounts" found at many banks, they're not FDIC-insured...
...There are, of course, defenders of the stand-alone model. On Goldman's conference call, CFO David Viniar dismissed the notion that Goldman would be better off with a deposit base, saying that because of regulatory constraints, only a "small portion" of Goldman's business could be funded that way. "We think it's not about the model. It is about the performance of the company," he said...
Each state runs guarantee funds for insurance policies, similar to what the Federal Deposit Insurance Corp. does for bank deposits. Every state differs in what they guarantee, but most states set basic limits of $300,000 in life insurance death benefits, $100,000 in cash surrender or withdrawal value for life insurance, $100,000 in withdrawal and cash values for annuities, and $100,000 in health insurance policy benefits, according to the National Organization of Life and Health Insurance Guarantee Associations. The state where the policy was written determines the jurisdiction...
...most accurate estimates of the cost of the savings-and-loan crisis of the 1980s. The S&L experience is instructive: the cost estimates started low (Ely's first guess was $25 billion), then eventually grew to $500 billion. The actual price tag, as calculated by the Federal Deposit Insurance Corp. (FDIC) long after the fact: $123.8 billion, or about 2% of annual GDP during the bailout years. That's equivalent to $286 billion today...