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Article: The End of the Masters of the Universe?
- Article from:
- The Washington Post
- Article date:
- August 10, 2008
- Author:
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Copyright informationThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Amid the turmoil and confusion on Wall Street these days, one
serious message is coming through loud and clear: Investment banking
is dying.
The evidence is everywhere: in the languid second-quarter results
of three of the four remaining publicly traded securities firms, in
the ever- louder drumbeat for expanding regulatory oversight of
investment banks -- led by none other than Treasury Secretary Hank
Paulson and Tim Geithner, the president of the Federal Reserve Bank
of New York -- and in the growing fear of bankers and traders who
have nothing to do but wait and see whether they'll be among the 20
percent of the Wall Street workforce to be fired.
Put it all together and the picture is ...