BREAKING: Morgan Stanley & Goldman Sachs to become Full-Fledged Banks

[Joshua Dorkin]

This is fresh off the presses:
Goldman, Morgan to Become Full-Fledged Banks

Here's a bit from the article:

Goldman Sachs and Morgan Stanley, the last two independent investment banks, will become bank holding companies, the Federal Reserve said Sunday night, a move that will fundamentally alter the landscape of Wall Street.

The move alters one of the models of modern Wall Street, the independent investment bank, soon after the federal government unveiled the biggest market intervention since the New Deal. It heralds new regulations and supervision of previously lightly regulated investment banks, as well as an end to the outsize paychecks that helped shape the image of the chest-thumping Wall Street banker.