So, investment banking as we know it (which is not well, in my case, and definitely not in the Biblical sense) has ceased to exist with with Goldman Sachs and Morgan Stanley becoming holding firms. Or, that’s what I read. I’m working extra hard these days to try and understand the financial crisis — a crash course involving WSJ, my accounting class, and stupid questions directed at Torch Editor Emeritus Douglas Kurdziel. But something about the following synopsis gives me a chill:

“Now, the parent companies of almost all major U.S. financial institutions will be overseen by the Federal Reserve. Sunday night’s development also further expedites the ascendancy of the Fed as universal supervisor, as it now has even more direct authority over
nearly all financial companies in the country.”

Just so…consolidated in a dangerously close to socialist way. Read more »