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More than 25 years after The Bonfire of the Vanities torched the image of the omnipotent trader, Wall Street vanity has finally gone up in smoke. Take a walk in midtown Manhattan—where the majority of investment houses have migrated—and you'll see traders, analysts, and hedge-funders flaunting company-issued fleece vests over button-down shirts and khakis. Forget Masters of the Universe—they look more like floor managers at the Sports Authority.

— Wall Street Dresses Down  

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