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The U.S. Federal Reserve said American Express could become a bank holding company. Like Morgan Stanley and Goldman Sachs before, now American Express may issue government guaranteed bonds through June 2012.
The companies can also apply to receive aid from the $700 billion bailout rescue package …

One day after the UK Financial Services Authority pulled a similar stunt, the SEC temporarily banned the short selling of almost 800 financial stocks. According to the ban, on October 3rd short selling can resume.
With the news on Friday, financial stocks rallied.
Here’s the list …