New world on Wall Street

Federal regulators converted Wall Street’s remaining stand-alone investment banks, Goldman Sachs and Morgan Stanley, into bank holding companies Sunday night. What that means, reports CNNMoney.com, is the end of the era of the Wall Street investment bank, a storied institution that traded stocks and bonds, advised mergers and showered lavish bonuses on its executives.

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Filed under CNNMoney, federal regulators, Goldman Sachs, investment banks, Morgan Stanley, Wall Street Disaster. Barack Obama

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