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Goldman (GS) and Morgan (MS) Smashed Again, Clients Fret

johnmack.jpgThat $180 billion central bank injection was enough to stabilize the broader market for a few minutes...but not enough to calm down Goldman (GS) and Morgan (MS) clients and investors.  Both stocks are down hard.

This presumably means that Morgan's hot-and-heavy talks with Wachovia (WB) are proceeding apace. And we suspect that even within the offices of the fiercely independent Goldman some are urging an immediate shotgun wedding.

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Some of the firms' clients, meanwhile, are fretting about what to do.  Here's how a hedge fund manager just described the current smart-money debate about how to handle prime-brokerage relationships.

HF manager: 

Here's a sample conversation among hedge fund managers these days: "Should i diversify my prime brokers by adding ___ (fill in the blank)?  Or is that just creating more risk?" Answer?  No one knows.

See Also: Morgan's Mack: I'm Not Pulling a Dick Fuld

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