The Wikipedia definition. "[a] bank is a financial institution that accepts deposits … and creates a demand deposit while simultaneously making loans.” is not correct. Industrial banks do not accept demand deposits.
Yes and state infrastructure "banks" don't either. But that's the point -- they're not true chartered banks, able to leverage their capital at 10 to 1, borrow in the fed funds market, etc.
Darn, should've known after you said "Goldman Sachs"
Gov. Murphy would surely understand the difference between a bank and a nonbank, one would think.
The Wikipedia definition. "[a] bank is a financial institution that accepts deposits … and creates a demand deposit while simultaneously making loans.” is not correct. Industrial banks do not accept demand deposits.
Yes and state infrastructure "banks" don't either. But that's the point -- they're not true chartered banks, able to leverage their capital at 10 to 1, borrow in the fed funds market, etc.