Analyst estimates compiled by Bloomberg predict that Morgan Stanley, Lehman Bros. Holdings and Goldman Sachs Group will all report record earnings for 2007 despite the meltdown in the subprime-mortgage market and ensuing credit crunch. Goldman's transformation as a securities firm that acts like a hedge fund may be the best example of Wall Street's new model. "Out of this carnage of the summer, it was clear there were going to be huge opportunities," said Bill Grayson, president of Falcon Point Capital LLC.

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