Besides ironing out the details of a trillion dollar bail out of bad assets from financial institutions, negotiating on whether homeowner relief needs to be part of the picture, figuring out the consequences of bailing out 3 of the largest financial institutions in our country ( Fannie, Freddie and AIG), ignoring many hedge fund calls asking them how to deal with failed counterparties and DK'd ( don't know ) trades, the Federal Reserve and the Treasury orchestrated the conversion of the two largest ( and now really only ) Investment Banks in to Banks.
What does this mean? For GS that is trading way above book? For MS that is trading below? For the exisiting big banks that will now have to compete with them? For the people working there? It should be stabilizing for the market, I think, but the big picture implications of this are still a big unknown.
These types of transactions using take smart people months and months to work out because of the complexity, but hey, these are different times.