4 ms·
It doesn't seem like that to me. It seems like they tried to sidestep the required regulatory hurdles to offer a real checking/savings account and got a wake up
by jakebasile 8y ago
It doesn't seem like that to me. It seems like they tried to sidestep the required regulatory hurdles to offer a real checking/savings account and got a wake up call.
- jnwatson 8y agoSure, but they just weren't sophisticated enough. It isn't wrong, they just need to go through some more steps, like Fidelity. It will be a non-issue in 60 days.
- vinay427 8y agoSure, though it wasn't an ominous attempt to shut them down, which is what the commenter was replying to.
- fastball 8y agoI don't know. This line from the SIPC CEO ...I have serious concerns about this. This has gigantic ramifications for the banking industry. makes me thing that this is precisely what it is. "We don't want to let you do this easily because the other banks can't compete."
- jakebasile 8y agoUninsured deposit accounts in a fractional reserve system are extremely risky to the banking system as a whole. Perhaps he meant that?