以前的投资银行，从麦仑经营,第一波士顿银行，到经历过三十年代,磨练的摩根斯坦利，一个保守的公司，conservative，place，，chastened，by，the，’,投资银行是合伙人的关系，是完全私有的。

The investment banks of yore, from Mellons running the First Boston, Morgan Stanley was a very 30s, the investment banks were partnerships, they were totally private.

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