While fierce debate continues [subscription req'd] in Washington over the Treasury plan, one event overlooked somewhat occurred during the weekend – Wall Street as we once knew it disappeared. After seeing three storied investment banks either falter or get absorbed by another company, Goldman Sachs and Morgan Stanley decided to ditch the investment bank model and will now have their own check cards. See here and here for a rundown of the changes and what the implications might be for the future.

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