[Pelham]

GS was making a ton of money in the sort of real estate loans that have now vanished for good. They just did it at arms length. They will need some new source to replace that stream of income. IBs may be a model whose time has passed.

[wardaddy]

I would not be so quick to write off investment banks....some of them are fine just as some commerical banks are fine.

underwriting and M/A and whatnot is a whole lot different than just managing deposits and loaning money