[Cold Heat]

As someone close to the fire, the down mood on Morgan is bull.

Yes and no....

The future of brokerage houses of size is dim, and eventually they all will be small or connected to a bank and regulated like a bank.

As for this story, it is more of a strategic play to steer the shorts out of the market.

[Pelham]

“The future of brokerage houses of size is dim, and eventually they all will be small or connected to a bank and regulated like a bank.”

A cigar for you. The shadow banking system will go out of business.