As the WSJ reported today, the collapse of Lehman Brothers and the sale of Merrill Lynch to Bank of America is just the latest chapter in a stunning redesign of the financial world. Stand-alone investment banks are dying rapid deaths, with three down in 2008 already (who can forget the spectacular demise of Bear Stearns?). In their place, a new king is rising - commercial banks.
More on this topic
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Decoding the NY Fed on Shadow Banking
(naked capitalism, 7/20/10)
Richard Smith: Did We Wind Up With Any Reform of the Shadow Banking System?
(naked capitalism, 6/28/10)
UK & US Banks: Profits Down while Staff Salaries Rise
(Canadian Financial DIY, 6/28/10)
