An amateurish attempt at explaining current events large and small.
Wednesday, September 17, 2008
Morgan Stanley Is On the Clock
The latest word is that Morgan Stanley might merge with Wachovia. Merrill Lynch is now the property of Bank of America, another commercial bank based in Charlotte. Lehman and Bear Stearns are gone. That leaves Goldman as the only independent investment bank. Megan McCardle has an interesting post on what this means for New York. What happens to the world's financial hub when it's financiers are relocating down South or dissapearing?