I believe GS did that so that they could get billions free from the fed and invest it at the market bottom, you know the one that they help create along with JPM, and both banks made a lot of money as the markets came back up.
Why do I think this? GS and JPM are always spouting off that they did not need the money, well if that was the case why did GS need to turn into a bank holding company to get access to TAFT and TARP funds? I think they were just fine like they say they were they just wanted a chit load of free cash to play with.
Exactly ... that's why there was the investigation from the Senate committees of Geithner on all the money that went to AIG that helped GS out through the back door. They knew exactly where they were headed in 2007 ... especially with Paulson looking out for them.
There was another company that became a registered bank at that time .. was it Lehmans?