Black People : The End of Wall Street

Discussion in 'Black People Open Forum' started by Keita Kenyatta, Sep 25, 2008.

  1. Keita Kenyatta

    Keita Kenyatta going above and beyond PREMIUM MEMBER

    Feb 7, 2004
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    "The world had changed," said the Morgan Stanley spokesperson yesterday, and you can mark that down as the understatement of the year.

    She was explaining the company's decision late Sunday night to convert back into a bank holding company some 75 years after the Glass-Steagall act sundered the House of Morgan into J.P. Morgan, the bank, and Morgan Stanley, the investment firm. Under pressure from the Federal Reserve, Goldman Sachs made the same choice this weekend.
    [The End of Wall Street] AP

    And so, in a single week, the era of the independent investment bank has ended. Wall Street as we've known it for decades has ceased to exist. Six months ago there were five major investment banks. Two -- Lehman Brothers and Bear Stearns -- have failed, Merrill Lynch is selling itself to Bank of America, and now the last two are becoming commercial banks. Continued read below: