Most of you know I'm not much for conspiracy theories or even end times prophecy. Not that they don't both have merit, I just like to spend my time in a more "happy" place and neither of those subjects really do it for me. Yesterday however, I found myself in the grip...
As you've probably heard by now, Lehman Brothers has declared Bankruptcy (the largest bankruptcy in U.S. history--more than twice as large as Worldcom and Enron combined) and my first financial services employer, Merrill Lynch, has agreed to be acquired by Bank of America. This stems from a few things, but ultimately means that when you add the already deceased Bear Stearns, 60% of the largest Investment Banks no longer exist. Leaving just Goldman Sachs and Morgan Stanley left of the Wall Street Titans.
In related news, AIG, the world's largest insurer, was downgraded and could make the above seem like a mild warm up...
Good times.
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