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After a tough week for Morgan Stanley that saw its share price crash by more than 60 percent on rumors that Mitsibushi was pulling out of&amp;nbsp;its agreement to buy 20 percent of the struggling investment bank, the deal was sealed today, immediately sending Morgan&amp;#8217;s share price in the other direction&amp;#8212;85 percent in the other direction. This means Morgan shareholders and insiders, including CEO John J. Mack (the Knife), can breathe a little easier today. &lt;p&gt;Meanwhile, it was just announced that Morgan&amp;#8217;s main competitor and fellow holding company Goldman Sachs has filed for a New York State bank charter. The announcement, made by New York Governor David Paterson, means that Goldman will likely target high-net-worth clients instead of offering retail banking services to every Average Joe Sixpack throughout the country. Unlike a national charter&amp;#8212;which Morgan Stanley, Citi, Bank of America and JPMorgan Chase all have&amp;#8212;Goldman&amp;#8217;s charter only allows it to open branches in New York. Shunning a huge consumer banking strategy (and Joe) should allow Goldman to maintain its image as the elite of the Street formerly known as Wall. &lt;p&gt;And if you want to know&amp;nbsp;how Goldman has been able to maintain this image all these years, Charles D. Ellis will tell you in his&amp;nbsp;new 779-page book, . Here&amp;#8217;s the Times review.&amp;nbsp;(And here&#39;s&amp;nbsp;the short answer: culture.)&lt;/p&gt;

Derek Loosvelt

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