The Center of the Universe

St Croix, United States Virgin Islands

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:


  2. Matt Franko Says:

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


  3. beowulf Says:

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


    ESM Reply:


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


    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.


  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.


    pebird Reply:

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


  5. Dan Furlano Says:

    PIMCO is trying to buy its way into banking also.


Leave a Reply

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>