aardvarkcola

Goldman Sachs, Morgan Stanley to become ordinary banks

Posted on: September 23, 2008

The days of the wild west Wall Street investment bank are over.

Goldman Sachs and Morgan Stanely, the last two standing after others have failed, declared bankruptcy or have been propped up with a government buyout, have applied become commercial banks.

They will be able to take deposits, but will operate under stricter rules,

Link to Brian Milner in Globe and Mail on this one.

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