Let’s see what GS and MS ‘s earning report for the 4th quarter of 2008:
-  GS: a worse-than-expected net loss of $2.12billion/$4.97 a share compared to  a profit of $3.22billion/$7.01 a share one year ago; First lose since becoming a public company in 1999 
 -  MS: a greater-than-expected loss of $2.37billion/$2.34 per share 
 
How is GS  bited so hard: 
-    Slowdown in mergers and acquisitions
 - Underwriting business
 -  Trading and principal investments business 
 - Fixed-income, currencies, and commodities business