Goldman becomes a retail bank

I am in class this week, learning to be a low-voltage electrician. It is a welcome break from the hard stream of news from the financial sector.

It seems I woke up to find my investment bank gone. I am not sure what it means for my personal holding (nothing I hope). Basically they have changed their status to regular deposit banks to have access to FED facilities. I do not understand this point right now. I don't want to dig right either.

More later as I wrap my head around this.

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