September 22, 2008

Last two Wall Street Investment houses gone! Goldman Sachs and Morgan Stanley convert themselves to banks.

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 two companies made application to become Banks and the Federal Reserve approved the applications in one day over the weekend.

Details Here