The Wall Street that shaped the financial world for two decades ended last night, when Goldman Sachs Group Inc. and Morgan Stanley concluded there is no future in remaining investment banks now that investors have determined the model is broken. The last two largest investment banks have decided to remove their investment status to receive Federal Reserve approval to become bank holding companies. They will now be able to be protected by the Federal Deposit Insurance Corp (FDIC) deposit insurance.
Morgan Stanley, Goldman Sachs abandon investment bank status
http://www.bizjournals.com/sanjose/stories/2008/09/22/daily1.html
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