I woke up this morning to an one sentence email saying that the Fed had converted Goldman and Morgan Stanley to bank holding companies. I get in to work and read the artcle. Holy crap. I'm still a bit groggy after a long and tiring weekend, so am I reading the correctly? Are there no more i-banks?
Glass-Steagall was dismantled or repealed by Clinton, is this a small reinstation of that or a complete destruction? I'm a bit confused but this seems like huge, huge news. And the markets don't seem to be all that happy about it.
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