I need to correct my earlier "mistake". While JPMorgan is an investment bank, Chase's merger with the securities house meant that there are only two independent broker-dealer firms now.
Goldman Sachs (in the blue corner) and Morgan Stanley (in the red corner).
Funny thing is they are not punching each other silly but suffering blows from the market. Both blue-eyed boys of the investment banking world but now eyed by the other (slightly more stable) banks.
And if the New York Times is correct, the Spice Girls must be singing the right tunes as two U.S. banking giants seek a merger that may leave Goldman standing alone (and hopefully not silly).
Will Treasury Secretary Henry Paulson let Goldman fall? Is John Thain, after selling Merrill Lynch to BoA, returning back to Goldman to do a third miracle? Or will Robert Rubin, ex-Chairman of Citigroup, fancy a prized coup?
By now, you can guess what these gentlemen have in common.
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