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THE MORNING ACCORDING TO US

By Paul Kix and Brian Hill

Monday, September 22, 2008

Good morning, and welcome to a world in which Wall Street as we know it has ceased to exist. Last night the two remaining Wall Street investment banks, Morgan Stanley and Goldman Sachs, decided to scrap the Street model and become commercial banks. "The world has changed," a Morgan spokeswoman said. This means no bank any more just buys and sells securities. This means the Federal Reserve becomes arguably the most powerful regulator in the world, while the Securities and Exchange Commission ...

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