From the AP:
'Goldman Sachs and Morgan Stanley, with three of their rivals vanquished this year, on Tuesday vowed to remain independent as Wall Street faces its biggest shake out since the Great Depression. The last two major independent investment houses both posted third-quarter profits despite continued chaos in the financial markets. And, their top brass rejected suggestions they must find partners to survive the ongoing credit crisis. ... [B]oth Goldman Sachs and Morgan Stanley are demonstrating that they have the business model needed to take advantage of the market's dislocation and remain independent.'