Wall Streeters hit dead end

There have been danger signs all over The Street for the past few months, and there’s speculation tonight that some are hitting dead-ends.

First, there was Bear Stearns.

Then the bail-out of Fannie Mae and Freddie Mac last week.

And tonight we’re hearing that Bank of America may be purchasing Merrill Lynch for $29 a share, and speculation that Lehman Brothers may file bankruptcy.

The Wall Street Journal is doing a great job covering this story on their Web site tonight, and CNBC has pulled in their A-team, including Gasparino, Leesman and Ratigan, among others, to cover the latest breaking news.

Meanwhile, The New York Times is following a breaking story on a rush to prevent AIG from failing.

While there will still be institutions like Bank of America, and many boutiques, hedge funds and private equity firms — as far as I’m concerned, this may only leave us with two major investment banks on The Street — Morgan Stanley and Goldman Sachs.

Only time will tell if this slimming down will be a good or bad thing — but mark my words —  this will go down as a day in history for Wall Street.

Just remember: Don’t base any of your investment decisions on anything you read in this forum — do your own due diligience — or at least enough research to hire the right professional to do the investing for you.

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