Wall Street Manna

An irreverent look at Wall Street

Tuesday, December 22, 2009

Goldman Sachs uses the FDIC to sell Equity Basket Deposit Notes (CDs)


Notice halfway down the first page of the prospectus where Goldman intones "the notes evidence deposit liabilities of Goldman Sachs Bank USA, which are covered, with respect to the face amount only, by federal deposit insurance, up to a maximum limit of $100,000 ($250,000 through December 31, 2013) per individual or entity, or $250,000 per participant in the case of certain retirement accounts, in all cases pursuant to the rules and regulations promulgated by the Federal Deposit Insurance Corporation (the "FDIC"), and subject to the limitations and restrictions set forth therein.

Anybody have a checking account at Goldman Sachs Bank USA? A savings account? Gotten a loan? A credit card? An auto loan? A student loan? Just wondering.......

GOLDMAN SACHS FDIC INSURED CD                                                                                                                                                       

9 Comments:

At December 22, 2009 at 7:19 AM , Anonymous Anonymous said...

Goldman is out foreclosing though. I guess that makes them like a bank.

http://www.walletpop.com/blog/2009/11/03/goldmans-new-role-repossessing-foreclosed-homes/

 
At December 22, 2009 at 9:39 AM , Blogger Palmoni said...

Oh that is too funny!!! Isn't thatthe truth!

I'll have to remember that line!

 
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