And then there were none

The US now has zero broker/dealer. Bloomberg reports:

Goldman Sachs Group Inc. and Morgan Stanley concluded there is no future in remaining investment banks now that investors have determined the model is broken.

The Federal Reserve's approval of their bid to become banks ends the ascendancy of the securities firms,

Now it gets interesting. I assume they will have to do bank capital adequacy calculations. And when they do, we will finally have a direct comparison of how inadequate the SEC's regime was...