Agoracom Blog

Poof! 5 Biggest Wall Street Investment Banks Gone In 6 Months

Posted by AGORACOM at 5:27 AM on Monday, September 29th, 2008

In March, the investment banking industry looked pretty healthy to most observers.

Today, the five biggest independent Wall Street firms have all disappeared.

  1. Bear Stearns – Forced into a merger with JPMorgan Chase in March.
  2. Lehman Brothers – Declared bankruptcy last month.
  3. Merrill Lynch – Acquired by Bank of America last week.
  4. Morgan Stanley and Goldman Sachs – Changed their corporate structures to become bank holding companies last week.

Remember, this list is in addition to bank failures such as IndyMac and the WaMu takeover while the CEO was on a plane.

Readers of my blog know that some bank failures were in the cards and shouldn’t be surprised but even I didn’t foresee this kind of carnage. Perhaps even more surprising is the fact that gold is not sitting at $1,500 right now…but $1,000+ gold has to be in the cards over the next couple of months.

Until then, move over Chriss Angel and David Blaine, there’s a new disappearing magic act in town.


One Response to “Poof! 5 Biggest Wall Street Investment Banks Gone In 6 Months”

  1. wowzers says:

    There we have it. Wall Street is FALL Street!! Let’s see what this $700 billion deal does for us. George Double-Yah said the plan being finalized by Congress provides the tools and funding to protect the U.S. economy from a “system-wide breakdown.” Bush is gonna make a statement at 7:35 a.m. today