Business: Change and Turmoil on Wall Street

MOST outsiders would assume that Wall Street, the citadel of American capitalism, is a model of efficiency and sound management. It is nothing of the sort. In fact, Wall Street is an avenue filled with managerial cracks and potholes. Nothing has so plainly revealed its weaknesses as the recent steep decline in stocks, which has cut almost $200 billion from the value of shares listed on the New York Stock Exchange alone. Simultaneously with this decline, and largely as a result of it, the U.S. securities system is undergoing a series of fundamental changes that are bound to affect all investors....

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