10

Some philosopher, or banker once said: "If you can't fight them, join them".

After reading Matt Taibbi's last two pieces on Rolling Stone on how banks have obtained certain rights to sell hot air and repackage it as valuable assets and how the government has taken steps to let banks continue to gamble with the savings, I want to create my own money printing service.

What I would like to know is:

  • What are the requirements to create a bank
  • What is the minimum amount of cash I need to have in place
  • How do I register to become a mutual fund
  • What agencies provide triple-A ratings for my own derivatives
  • Whether it is possible to incorporate a bank, 100% on the internet, without actual offices

Although my plan is to dip my toes into the gravy train that is mortgages-backed securities, I have came up with a couple of my own over-the-counter derivatives that I believe will be of interest to many pension funds and investment institutions.

The bank would be in the United States.

Please advise.

  • 7
    How do you open source a bank? – Sruly Aug 11 '10 at 19:57
  • 1
    What country/state do you want the answers for? The rules differ a lot. I also think they differ per state in the US. For a pure internet bank, it would be country and/or state of registration. – Claus Jørgensen Aug 11 '10 at 20:01
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    Well first you're going to need a shiny brochure and a few lobbyists. From there, the rest is easy. – Eric Petroelje Aug 11 '10 at 20:15
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    -1 Political hot-button issue, but not really a personal-finance or financial-literacy question. – fennec Aug 14 '10 at 2:34
  • This question is nonsensical and should be closed. – duffbeer703 Sep 7 '10 at 22:39
4

Banking is highly regulated, but you may want to have a look at Basel II which is kind of an international standard on how to create banking regulations. Your country/state may have considered this when creating its own local regulation; the United States do.

1

What a Novel(l) idea! Perhaps you can do it Mono a Mono with a Gnome!

  • For those who voted down. This is a joke as is the question! – Sruly Aug 24 '10 at 7:09

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