I was alluding to the fact that people can spend hours investigating a succotash recipe or watch hours of mindless television or play video poker until the cows come home, eat and then go back
out but immediately scoff and mock a discussion of the worst attack on the U.S. in it’s history.
It’s disturbing.
Liberal architects investigating the World Trade Center Towers?
Please.
In one of the biggest changes to Wall Street in decades, Goldman Sachs and Morgan Stanley, the last two independent investment banks, will become bank holding companies, the Federal Reserve said Sunday night.
The move fundamentally changes one of the mainstays of modern Wall Street. It heralds new regulations and supervisions of previously lightly regulated investment banks.
The move comes after the bankruptcy of Lehman Brothers and the near-collapses of Bear Stearns and Merrill Lynch.
Being a bank holding company would give Morgan and Goldman access to the discount window of the Federal Reserve. While they have had access to Fed lending facilities in recent months, regulators had planned to take away discount window access in January.
The regulation by the Federal Reserve brings a host of accounting rule changes that should benefit the two banks in the current environment.
In return, they will submit themselves to greater regulation, including limits on the amount of leverage they can take on.
–Vikas Bajaj and Michael J. de la Merced
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The New York Herald Sun 