You'd think the last thing Goldman Sachs and Morgan Stanley would choose to be called is a bank. Such is the fury towards financials these days they should have re-classified themselves as cuddly toy makers. But this simple change is tactically smart. Confidence in broker-dealers is shot; by becoming regulated banks Goldman and Morgan Stanley have at least made sure they will not suffer the same fate as their Wall Street rivals. They now have long term access to the Federal Reserve primary credit facility, and, further down the road, alternative sources of funding such as retail deposits.
它們新的身份反映了一種新現實。投資者失去了對批發市場融資模式的信心。政客希望銀行降低負債率。即使高盛與摩根史坦利能使市場相信它們作爲獨立投行的前途，但投資者與監管者仍會堅持要求它們少用槓桿操作。不管怎樣，其回報率最終很可能還是會降到那些笨重的全能銀行的水準。
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