Alan "Ace" Greenberg, formerly CEO of Bear Stearns, said the makeup of Wall Street had changed "forever" because the investment banking model was no longer viable. "There's no more Wall Street," he said. "That model just doesn't work because it's at the mercy of rumors." Greenberg, who has spent more than six decades on Wall Street, said he had "never seen anything close" to the turmoil in financial markets and the ensuing economic decline.
Friday, December 12, 2008
Greenberg laments demise of investment banking model
Alan "Ace" Greenberg, formerly CEO of Bear Stearns, said the makeup of Wall Street had changed "forever" because the investment banking model was no longer viable. "There's no more Wall Street," he said. "That model just doesn't work because it's at the mercy of rumors." Greenberg, who has spent more than six decades on Wall Street, said he had "never seen anything close" to the turmoil in financial markets and the ensuing economic decline.
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