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.