Wednesday, December 10, 2008

"There is no more Wall Street."

Alan “Ace” Greenberg, former Bear chief contends that the Street has changed forever with collapse of Lehman and the forced sale of his old firm and Merrill, destroying the investment banking model he helped create.
“That model just doesn’t work because it’s at the mercy of rumors”
In the end, Wall St was destroyed by the very tools Ace created. Greenberg career not over: he accepted a JPMorgan Chase position. Bloomberg reports he'll get a payout equal to 40% of commissions he generates. See Video from Bloomberg

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