Long Term Capital, Leman brothers, Countrywide, GS, JPM, City, Madoff, MF Global, Most of Euro banks, many if not most sovereign bonds, the whole card deck are crashing. It is the begining of the end of current financial structure and global currency system.
The biggest challenge financial institutions are facing is investors are losing faith and trust. MF Global's failure already caused some european investors claim that they will not invest a penny on US soil. So what else, Goldman Sachs, JPM, Barclay...?
History from as early as Athenian time shows Trading banks will always collapse. GS, JPM will not escape the same fate. But the game cycle will continue, enrich a few and impovorish many.