This is embarrassing, on many levels. The clients are going to have to the underwrite the new rules of illiquidity and volatility that the government and bulge bracket investment banks are creating.
Below is a prospectus for what that once vaunted "bulge bracket" could look like come 2009. At a minimum we'll need a new bracket that still puts clients above their own compromised P&L.
Keith McCullough & Andrew Barber
Research Edge LLC