Somehow, someway, Bush and his cronies are going to ruin our country any way they can. However, the end of Wall Street as we know it doesn’t elicit a tear from this mostly disinterested party…
The Federal Reserve, in an attempt to prevent the crisis on Wall Street from infecting its two premier institutions, took the extraordinary measure on Sunday night of agreeing to convert investment banks Morgan Stanley and Goldman Sachs Group Inc. into traditional bank holding companies.
With the move, Wall Street as it has long been known — a coterie of independent brokerage firms that buy and sell securities, advise clients and are less regulated than old-fashioned banks — will cease to exist. Wall Street’s two most prestigious institutions will come under the close supervision of national bank regulators, subjecting them to new capital requirements, additional oversight, and far less profitability than they have historically enjoyed.
[From Goldman, Morgan Scrap Wall Street Model, Become Banks in Bid to Ride Out Crisis – WSJ.com]
Since so much cash got spent for the Iraq War, the financiers must have become jealous, and directed their servants in Washington to give Wall Street a taste.