Tuesday, September 23, 2008

I think I'll become a bank holding company

If it works for Goldman Sachs and Morgan Stanley, why can't it work for me? With the biggest banking bailout giveaway in U.S. history shaping up in Washington, it seems to be the only way to get in line for the gravy train. I know I would be a very small bank, but I think even the smallest bank is entitled to consideration.

This would be a great move to clean up my balance sheet. I realize my mortgage portfolio is quite small (one mortgage) but for a small bank like me, having the Feds take it off my hands would mean a lot to my financial well being. (Though, while they're at it, they might as well take the credit card balance too.)

The way I see it, we should all become banks. The Feds don't seem to be able to do much for ordinary working Americans, but they clearly can do a lot for banks. I'm sending in my application to become a bank holding company to the Federal Reserve today. If they turn it around as fast as they did for Goldman and Morgan, I should be totally debt-free in a week or so.


Wren said...

You made me giggle with this one, MG. But you also have a fair point. Now, I wonder how we can all go about changing our status from US citizen to holding bank?

Madison Guy said...

Thanks, Wren. Though I have to admit the Fed doesn't seem to be very enthusiastic about my plan.