A month ago – before the market convulsions that precipitated a government intervention to save Goldman Sachs and Morgan Stanley – a top Wall Street banker pinpointed the Achilles heel of the business model of standalone investment banks.
“We wake up every morning worried about how we will fund our balance sheet that day,” he said.
After the weekend, the mornings of that senior banker and many other executives at the two remaining large Wall Street broker dealers will become a lot easier.
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