NYT: Great rundown on Mother Merrill and their mortgage ops.

[Masshog]

http://www.nytimes.com/2008/11/09/business/09magic.html?_r=1&oref=slogin

[john c]

Unbelievable.  What happened to the venerable investment banks like Goldman, Morgan Stanley, Merrill, etc.  At one time they were well known for conservatism and the QUALITY of their advice.  Is all this an indirect consequence of the repeal of Glass-Steagel (sp)?  Wasn't Thain the heir apparent at Goldman that got shafted by Paulson?