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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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)
Citigroup is down! Citigroup’s biggest lost and possible bankruptcy.
(Forex Trading Analysis, 1/19/10)
