Stocks fell sharply and oil prices suddenly spiked on Monday as investors anxiously waited for Washington lawmakers to hash out the details of the biggest government bailout in history — a politically fraught process that will create a new slate of winners and losers on Wall Street.Also, the dollar lost value against the euro, and investment banks Goldman Sachs and Morgan Stanley turned themselves into traditional bank holding companies. (This opened them to regulation by the Federal Reserve and allowed them to accept cash deposits from the public. If anyone is fools enough to deposit cash with them.)
Stocks prices dropped for Bank of America, Citigroup, Merrill Lynch, and Wachovia.
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