Today two of the last remainingWall Street giants are getting the Gulliver in Lilliput treatment as their stock prices are tied down and speared to death in a classic sell-first-ask-questions-later hellstorm in the equity markets.
Now that Morgan Stanley and Goldman Sachs, the last two remaining big independent Wall Street firms, have converted to bank holding companies, a legal switch that placed them under the regulatory authority of the Federal Reserve, Mack insists that proper supervision is in place.