Source: NYT
September 28, 2008
[Ron Chernow is the author of “The House of Morgan” and “Alexander Hamilton.”]
With breathtaking speed, the world of large Wall Street investment banks has vanished. Fabled firms, some more than a century old, have been merged out of existence (Bear Stearns, Merrill Lynch), gone bankrupt (Lehman Brothers), or sought asylum as commercial bank holding companies (Goldman Sachs, Morgan Stanley). Why on earth did this happen?
The death of Wall Street has been a long-running,