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
(What's this?)
FBI Uncovers First Alleged TARP Fraud
(REIT Wrecks, 3/22/10)
Guest Post: Fraction … Er … Fictional Reserve Banking
(naked capitalism, 3/22/10)
Guest Post: German Central Bank Admits that Credit is Created Out of Thin Air
(naked capitalism, 3/19/10)
