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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Addition: It’s being reported that Siemens now owns its own bank

Posted by WARREN MOSLER on September 21st, 2011

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

8 Responses to “Addition: It’s being reported that Siemens now owns its own bank”

  1. Ralph Musgrave Says:

    Siemens have been planning this for some time. See this Financial Times article from June last year:

    http://www.ft.com/cms/s/0/4f3f6dae-82ec-11df-8b15-00144feabdc0.html#axzz1BldeyK91

    Reply

  2. Matt Franko Says:

    Now as long as they don’t hire ‘bankers’ to run it they should be ok…

    Reply

  3. beowulf Says:

    It would be cool if their loan officers CAT scanned mortgage applicants.

    Reply

    ESM Reply:

    @beowulf,

    So you think they wouldn’t do any no-Doc loans? :^)

    Reply

    pebird Reply:

    @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.

    Reply

  4. Paul Palmer Says:

    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.

    Reply

    pebird Reply:

    @Paul Palmer, But does GE have an account at the Fed?

    Reply

  5. Dan Furlano Says:

    PIMCO is trying to buy its way into banking also.

    Reply

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