However, quite apart from what may happen in the future, there are two U.S.-based firms – Goldman Sachs and Morgan Stanley – whose global business mix resembles that of the U.S. subsidiaries of FBOs that are predominantly engaged in broker-dealer activities in the United States.
But my education did not stop. I earned a masters degree and went on to further studies at night at Columbia University. At the age of twenty-seven I joined a very small Wall Street firm as a partner and was essentially in charge of making it grow. It did, and I eventually became the senior partner.