New Yorker - Once upon a time, investment banks were private firms, structured as partnerships, and relying on the capital provided by the partners in order to run their operations. In fact, until 1970 the New York Stock Exchange prohibited investment banks from going public. But after that regulation’s repeal there were two big waves of I.P.O.s, one in the nineteen-seventies and one in the eighties, at the end of which nearly every prominent Wall Street firm was public.

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