Jonathan Leaf is Contributing Editor of FinancialDarwinism.com. He as been an editor and writer at DLJDirect.com, TheSquare.com and New York Press and a financial editor and researcher at Citibank and Bear Stearns. A graduate of Yale, his writing has appeared in such publications as The Weekly Standard, The New Yorker, National Review, The New York Post and The New York Daily News.
Lessons from the Goldman Sachs and Morgan Stanley Conversions
Posted by Herb Addison, Jon Leaf, Leo M. Tilman, November 5th, 2008, 6:17pm
In American cinema, media, and popular opinion, the job of an investment banker has always been viewed as incomparably more glamorous than that of a commercial banker. Investment banks were portrayed to be on the forefront of innovation, complexity, and risk-taking. Commercial banks, on the other hand, projected a much more subdued and routine-driven image. The GS and MS conversions into bank holding companies shed new light on the long-standing debate.