Stanley and Sachs Bite the Dust

Wow, this has been one hell of a week...

"The last two investment banks in the US, Morgan Stanley and Goldman Sachs, will become traditional bank holding companies after one of the most momentous weeks in Wall Street's history.

The Federal Reserve's surprise announcement, which came at 2.30am London time, places the last two independent Wall Street investment banks under supervision by bank regulators and gives the two firms easier access to credit to help them ride out the financial crisis.

The move spells the end of Wall Street as it has existed until now - a group of lightly regulated investment banks. The changes also allow Morgan Stanley and Goldman Sachs to go on an acquisition spree and rival larger firms like Citigroup, Bank of America and JPMorgan Chase."