Last days of pure investment banks

That Goldman Sachs feels it must write to the Federal Accounting Standards Board (FASB) to ask that it consider making banks mark loans to market is telling. It’s the clearest signal yet that the pure investment banks are, finally, concerned at the potential which lurks within the large commercial and universal banks.

The latter have been a threat for several years now, but only in recent months has it become truly worrisome. That is, in part, due to consolidation.