The era of Wall St. is over.

Dartmouth seniors, many of whom are preparing for corporate recruiting right now, may be disheartened to learn about “The End of Wall Street,” as reported today in the Wall Street Journal.

And so, in a single week, the era of the independent investment bank has ended. Wall Street as we’ve known it for decades has ceased to exist. Six months ago there were five major investment banks. Two — Lehman Brothers and Bear Stearns — have failed, Merrill Lynch is selling itself to Bank of America, and now the last two are becoming commercial banks. Adam Smith, that great market disciplinarian, is punishing excesses and remaking American finance long before Congress can get into the act.