What now for last two investment banks?

It’s not a good idea to stand in front a stampede and try to talk the cattle into stopping, or to argue with a bunch of lemmings headed for a cliff that follow-the-leader is not a good idea.

Still, we ink-stained wretches of the fourth estate do have responsibilities. So before investors and policy-makers sign onto the idea that bigger is better, that the last two investment banks left standing should find shelter in the arms of big, commercial banks, let me try to make a few contrarian points.