Pretty good indication that having access to an ECB account has substantial value in the current environment.
The ECB may even encourage this to help support the euro
PIMCO is trying to buy its way into banking also.
GE has owned its own bank for quite some time. I’m sure Siemens has wanted to do this for a long time, the Euro difficulties are finally giving them the excuse.
pebird Reply:September 22nd, 2011 at 10:24 am
@Paul Palmer, But does GE have an account at the Fed?
It would be cool if their loan officers CAT scanned mortgage applicants.
ESM Reply:September 21st, 2011 at 3:30 pm
So you think they wouldn’t do any no-Doc loans? :^)
pebird Reply:September 22nd, 2011 at 10:23 am
@beowulf, And then, three years later, we would find out it was the same guy they scanned around over and over. And he isn’t feeling too good. But at least they made sure he was a notary.
Now as long as they don’t hire ‘bankers’ to run it they should be ok…
Siemens have been planning this for some time. See this Financial Times article from June last year:
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Warren B. Mosler