in fact, the attack to MS and GS were very fearful. it is not simply about the share price, but the business confidence got hammered by the looming counterparty risk concerns. this is painful, but as TARP get pass (i believe it will, in spit of the rejection last nite), the business flow will be regained. and dun forget that bank holding company status is also another key, from where they can grow their deposits base by either aggresively acquiring small commercial banks or merge partially with big commercial bank.

in fact, i dun think, or no one think that MS and GS need to convert to bank holding company, or merge with anyone. however, due to the over reaction of the market, especially the mis-conception of CDS, these two fine banks need to suffer. afterall, market is in short term driven by sentiments. so whatever can effectively control sentiment will win. this is just so bloody true...

anyway, this can be a big topic. but just wanna say: MS and GS are the top-tier if you wanna be damn good! but u only concern job security, then RBS is fine.