Tuesday, September 16, 2008, 2:26 PM
This article addresses the questions posed by ready Phredd earlier in the comments section of the post below.
The question concerns the new Federal Reserve actions allowing equities
to be submitted to the Fed in exchange for cash, requiring the
"temporary" suspension of "Section 23A" of the Federal Reserve Act,
which forbids a depository institution from transferring funds ('making
loans') to its affiliates.
What types of funds are we talking about? Depositor accounts.
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