Banks change status

Last major investment banks change status. The Fed announced late Sunday evening that it had approved the request, which will allow Goldman and Morgan Stanley to create commercial banks that can take deposits, bolstering the resources of both institutions.

The change is the latest seismic shift on Wall Street as the financial system tries to cope with mounting problems that began more than a year ago with the subprime mortgage crisis.

Shares of Morgan Stanley slipped 3.3 percent and Goldman's fell 2.8 percent in premarket electronic trading on Monday. Overall, U.S. stocks appeared headed for a slightly lower opening as investors remained nervous about the U.S. government's plan to buy $700 billion in soured bank mortgage debt.

After weekend meetings where the Treasury Department, Fed and congressional staff ironed out the program's details, Sen. Christopher Dodd said Monday it's equally important to act responsibly as it is to move quickly on the legislation needed to stabilize the country's troubled financial markets. AUTUMNAL EQUINOX, frosted butts