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When I started out in Wall St 45 years ago, there were basically the investment banks and the wire houses-retail broker dealers. The investment banks focused on the corporate clients and built long standing relationships. It was the relationship that built the investment banking franchise and the steady fee income. It was not the last transaction that mattered. It was not about what other products can I jam them with. There were no CMBS, derivatives trading, CDS, math wiz kids with structured products nobody really understood, nor was there the attitude of short term trades to get this year’s bonus. The bankers understood that they built real wealth by building long relationships. The bankers were in charge of the major name firms.

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