A Bank Closure, a Bailout and the Rebirth of Goldman Sachs and Morgan Stanley are historic events in financial services industry. The last two big investment banks were converted into bank holding companies, allowing them to buy other retail banks and more readily borrow money from the Federal Reserve Bank. The U.S. Department of Treasury asked Congress for the authority to purchase $700 billion of troubled assets (mainly poorly performing mortgages) from financial institutions. Treasury’s legislative proposal is being called the most sweeping economic intervention by the federal government since the Great Depression.”]
Source: https://www.cuinfosecurity.com/bank-closure-bailout-rebirth-goldman-sachs-morgan-stanley-a-976