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How Washington beat Wall Street
But the truth on the ground — at least at this moment in time — is very different. (Also on POLITICO: Obama lays out economic plan) Goldman Sachs, the biggest money machine in Wall Street history, is a shell of its former self. Morgan Stanley, Goldman’s one-time bitter rival in the swashbuckling world of high-risk trading, is transforming into a staid money management firm with a side business underwriting stocks and offering merger advice. Citigroup and Bank of America sold off many of their classic “Wall Street” businesses, including proprietary trading desks and private equity and hedge fund stakes, to ... (full story)