The Federal Reserve announced the conversion of the last two independent investment banks into bank holding companies. The change means Goldman Sachs and Morgan Stanley can borrow money from the Federal Reserve past January but will be more tightly regulated and must hold larger capital reserves. As the Wall Street Journal dramatically put it:

"The steps effectively mark the end of Wall Street as it has been known for decades."

CNBC briefly broke into scheduled feature programming to announce the changes while the Times and Journal are topping their websites with the news.

It looks like this will be another working weekend for frazzled finance reporters.