You'd think the last thing Goldman Sachs and Morgan Stanley would choose to be called is a bank. Such is the fury towards financials these days they should have re-classified themselves as cuddly toy makers. But this simple change is tactically smart. Confidence in broker-dealers is shot; by becoming regulated banks Goldman and Morgan Stanley have at least made sure they will not suffer the same fate as their Wall Street rivals. They now have long term access to the Federal Reserve primary credit facility, and, further down the road, alternative sources of funding such as retail deposits.
它们新的身份反映了一种新现实。投资者失去了对批发市场融资模式的信心。政客希望银行降低负债率。即使高盛与摩根士丹利能使市场相信它们作为独立投行的前途，但投资者与监管者仍会坚持要求它们少用杠杆操作。不管怎样，其回报率最终很可能还是会降到那些笨重的全能银行的水平。
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