Where investment banking headed?

What a terrible week it was!! Panic all around. Hard to say what will be the future of investment banking.

A couple of good articles to read

On Wall Street as on Main Street, a Problem of Denial

Old-School Banks Emerge Atop New World of Finance

Another article from Economist talks about impact from the fallout of Lehman Brothers

The fallout from the bankruptcy of Lehman Brothers

Fannie Mae

A lot is going with Fannie Mae/Freddie Mac this year. I think the year has been FNM/FRE year.

Treasury secretary's plan for Fannie Mae/Freddie Mac couldn't subside the fear in the market. LEH is following the Bear's path and few other firms showing signs of same trouble. The following article in WSJ provide good insight on soundness of Treasury Secretary's plan.
How Paulson Would Save Fannie Mae

Hope some rescue plan can be derived today for LEH. Waiting to see what happens before asian markets open.