BREAKING: Morgan Stanley and Goldman Sachs dissolved

[OwlMBA]

The Fed is turning them into bank holding companies, essentially completely dismantling them.

Don't even have a link to give you yet. Will post one....

[LibraryLady]

Goldman, Morgan to Become Bank Holding Companies
September 21, 2008, 9:35 pm

In one of the most sweeping changes on Wall Street in decades, Goldman Sachs and Morgan Stanley, the last two independent investment banks, will become bank holding companies, the Federal Reserve said Sunday night.

The move fundamentally changes one of the mainstay models of modern Wall Street, the independent investment bank. It heralds new regulations and supervisions of previously lightly regulated investment banks. It is also the latest signal by the Federal Reserve that it will not let Goldman or Morgan fail.

http://dealbook.blogs.nytimes.com/20.../index.html?hp

[OwlMBA]

Goldman, Morgan to Become Bank Holding Companies
September 21, 2008, 9:35 pm



http://dealbook.blogs.nytimes.com/20.../index.html?hp

Thanks!

now i must type this so that I get up to 10 characters.

[Eyelids]

Fundamentals! Strong!

[OwlMBA]

Fundamentals! Strong!

I have a job.

Do you?

[Hawkgirl]

I've been reading references/whispers of 1987's Black Monday across the internet.....is there a potential to revisit this? Or are people in panic mode?

[Eyelids]

I have a job.

Do you?

Its not much of a job, but I have one.

[Eyelids]

I've been reading references/whispers of 1987's Black Monday across the internet.....is there a potential to revisit this? Or are people in panic mode?

I dont think we'll see something that crazy.

[OwlMBA]

Its not much of a job, but I have one.

See! The fundamentals are strong!

The only people unemployed right now are the unemployable and those unwilling to work for what they are worth. When a GM worker with a 9th grade education loses a $120k job pushing a button in a factory and he is unwilling to work for anything less than that, he is hardly "unemployed". Yet he is counted in the unemployment rate.

Now, even though the fundamentals are strong, what we are doing right now is going to severely slow down the economy. Making the taxpayers pay to fund failed private businesses is going to flush the fundamentals down the toilet.

[Zathras]

Its not much of a job, but I have one.

Hey Blinky, your job is important to those who like french fries with their Big Macs.