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Death of an Era

Within the span of several days, Wall Street loses two titans. Is the independent-brokerage model dead?


By Aleksandrs Rozens

September 22, 2008

For some employees at Lehman Brothers, the nagging feeling that all was not right in the storied firm's future became all the more crystallized after a Sept. 10 conference call in which Moody's explained why it put the brokerage's A2 rating on review. That same call also raised questions about a commonly-accepted business model on Wall Street: the broker-dealer that did not rely on deposits for funding.

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