Wednesday, September 17, 2008

'Tectonic' Shift on Wall Street as Lehman Fails, Merrill Sold

Sept. 15 (Bloomberg) --
In the biggest reshaping of the financial industry since the Great Depression, two of Wall Street's most storied firms, Merrill Lynch & Co. and Lehman Brothers Holdings Inc., headed toward extinction.


``The tectonic plates beneath the world financial system are shifting, and there is going to be a new financial world order that will be born of this,'' said Peter Kenny, managing director at Knight Capital Group Inc., the Jersey City, New Jersey-based brokerage that handles about $1 trillion worth of stock transactions a quarter. ``It's an ugly and painful process.''

http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=abVpg8xJDMWk#

No comments: