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 NEW YORK (AP) - Investment bank stocks soared Tuesday after Goldman Sachs and Lehman Brothers reported better-than-expected profits that soothed the frayed nerves of investors who were bracing for a domino effect after the near-failure of Bear Stearns.
But the good news from two of the industry's top names hardly put investment banks in the clear, and their executives are learning to accept more openness in Wall Street's secretive culture.
"It is no longer OK to be in a black box," Lehman Chief Financial Officer Erin Callan told The Associated Press. "There will be a lot more honesty from us as an industry, and it is painfully obvious this will be the biggest change."
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