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There are no Investment Banks left in the USA!

Investment bank era ends as Morgan, Goldman convert into banks.

Quote:

WASHINGTON (MarketWatch) -- In yet another extraordinary development for Wall Street, the Federal Reserve said late Sunday night that venerable investment banks Goldman Sachs and Morgan Stanley will become bank holding companies.
The Wall Street titans will be allowed to transition into holding companies following a mandatory five-day waiting period, and will be able to take advantage of credit from the Federal Reserve Bank of New York in order to complete the transition.

http://www.marketwatch.com/news/stor...64DAA26398D%7D

Holy shit. They're getting hit hard here too in Australia. I have a bundle tied up with Macquarie, and they look like they're going to be kicked firmly in the nuts.

well there goes investment banking

"convert or die" - fed

arab countries like saudi arabia , planning to pull-out there investment

Well fuck me with a fiddle stick!

What does this mean?