New York
TIME was, Sherman McCoy could stride into Pierce & Pierce to bray for money on the bond markets with other Masters of the Universe.
That was 1987. Mr McCoy, the hotshot bond dealer at the centre of the Bonfire of the Vanities, would be 66 by now, and he'd scarcely recognise the Treasury market.
The bond dealers who defined Wall Street success in the '80s - and who were immortalised by Tom Wolfe in his best-selling novel - seem to be losing power by the day.
In their place are money managers like Mark Macqueen, who are assuming a larger role in the market for US government debt as traditional dealers pull back.
The development is not only shifting the balance of power in the world's largest...
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