Shifting Balance of Power in High Finance

Just as international political economic trends point toward a shift in the global balance of power toward China and the ominous sounding "Emerging Giants," the wreckage on Wall Street is leading to a new balance of power in high finance.

As always the FT has an interesting commentary; "A New Battle Looms on Wall Street" points out that large private equity funds may start breaking in to the underwriting business. Perhaps a process of creative destruction is emerging.