Stocks: The Real Post-Meltdown Victors

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First, says BTIG Chief Market Strategist Michael O'Rourke, these big institutions got the "seal of approval" from the federal government, which implicitly guaranteed it would keep them open.

Also, the big players have gotten bigger. JPMorgan gobbled up Washington Mutual and Bear Stearns. Wells Fargo took over Wachovia. Bank of America acquired Merrill Lynch. Meanwhile, many other smaller rivals—such as mortgage originators—have closed or been weakened. "So much of their competition has been eliminated," O'Rourke says. These banks have short-term problems, he says, but "in the long term they're going to be entrenched enterprises."

This is often what happens during times of economic stress, says John Merrill, chief investment officer at Tanglewood Wealth Management. "The strong get stronger and the weak get blown away," he says.

Waiting for New Rules

Two years after the financial crisis began, the financial sector is still waiting for new regulations promised by politicians. Those new rules could still change the competitive landscape on Wall Street and hurt the big players. But Hirsch worries sweeping reform is losing steam. "I think we missed our opportunity to level the playing field," he says. "I'm not sure we've put things in place to prevent that kind of crisis in the future."

Until then, Wall Street giants will find ways to take advantage of their size and competitive advantages. And even after new regulations, they will no doubt return to what they do best: finding ways to make pots of money. Crisis or no, some things may never change.

Steverman is a reporter for BusinessWeek's Investing channel.

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