"Wall Street Is No More"
This is cryptic Lord Of The Rings-style soliloquy currently being spouted out of Alan "Ace" Greenberg's mouth.
The once king of Bear Stearns (speaking of things that are 'no more', amirite?!), who has officially spent 61 years working on Wall Street, said that the investment-banking model he created and pioneered is now dead.
http://www.bloomberg.com/apps/news?pid=20601087&sid=agN6XHEZNRMw&refer=…
Where will we place all the blame for our economic peril then, Ace?
well he was obviously right about BSC being strong and surviving that day he stood up on a desk on the trading floor and swore they would make it.... then on sunday they didn't exist.
The fabled "investment banking model" is probably dead because it was based upon heavy leverage and in its natural form could not really sustain the types of profits seen in 2007. I attended a lecture by Schwarzman, Canning, and Xiquing last week and they spent a great deal of time discussing how the "traditional" banking model was inherently flawed.
So what do you do? -I work for an investment banking firm. Oh okay; you are like my brother, he works for Edward Jones. -No, a college degree is required in my profession
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