Bank of America and Citibank: Land of Confusion

We can't make heads or tales. Bank of America buys Merrill Lynch, thus reaffirming the "universal bank" concept. Citibank is considering ridding itself, in part, of its Smith Barney unit in a move that may prove that the concept of the universal bank is dead.

One can read the same paper, and see both sides of that coin facing up.

Of course these broad themes usually have no merit. Statements like "Wall Street is dead" or "Hedge funds are dead" is simply analysis by people who refuse to admit that there is something around the corner that they can't see; that "something" will in all likelihood resemble the street on which they are now walking, give or take a few characteristics.