Can They Contain the Fire?

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The one thing of which financial services firms can be certain in these uncertain times is that their world in 2009 will look very different from the one they inhabited before the Crash of 2008.

In a snapshot taken last March of the 10 largest institutional brokers, two-Lehman Brothers, ranked fourth in terms of net capital and Bear Stearns, ranked sixth, according to TowerGroup calculations-have ceased to exist entirely. The largest brokerage firm by net capital, Merrill Lynch, has been

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