Perhaps if I had more experience with financial markets, I wouldn’t be as concerned, but as it stands this sort of thing doesn’t sound good:
$$$ With Merrill Lynch, Lehman Brothers and Bear Stearns gone, everyone is asking whether Morgan Stanley and Goldman Sachs will survive as independent investment banks.
And these from Felix Salmon:
If you’re looking for silver linings, it’s clearly the investment banks which are most worried right now, not the big commercial banks in Europe or even in the US (Wells Fargo). When Wall Street’s alpha males stop competing and start cooperating like this, you know you’re living in historic times.
Hopefully not too historic.