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?)
Complexity is the handmaiden of deception
(naked capitalism, 3/5/10)
Meryvn King Calls for Structural Overhaul to Banking Industry
(naked capitalism, 1/27/10)
The Problem That Hasn't Gone Away
(Financial Armageddon, 3/6/10)
