- Old-fashioned "character lenders" found that their business was boring and unprofitable, and harder work than "originate and distribute."
- The new logic of diversification/securitization made O&D look respectable.
- Without intending or planning for it, proprietary traders to their stunned surprise found themselves driving the banking bus.
- Michael Milken showed us that you don't have to restrict your corporate loans to Episcopalians.
- Old-fashioned investment bankers, with too much money on their hands, figured out how to go shopping for deals, rather than waiting for deals to shop them.
[Update: You bet. I forgot about incorporation, i.e., limited liability, i.e., heads I win, tails you lose.]