Wall Street R.I.P.

Henry Blodget:

Morgan Stanley and Goldman Sachs will soon be bank holding companies. This means Wall Street as we knew it has ceased to exist.

They’ll be lining up at the Fed trough, permanently. But I don’t think this spells the end of investment banking – when this round is over, the hedge funds still standing will pick up where MS and GS left off.

Picture an exchange of white shoes for black boots.

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