Leave it to Wall Street to hedge its bets. Booms inevitably give way to busts. But you can make money in either case if you've got the right assets. Perella Weinberg Partners has thus acquired a corporate restructuring advisory firm, Kramer Capital Partners. This is one of several such deals. Goldman Sachs has formed a $685 million fund with Wilbur Ross to focus on distressed situations. Kramer Capital's clients include Delta Air Lines, the General Motors Acceptance Corporation and Adelphia Communications. Michael Kramer formerly worked at Greenhill & Company. He seems to like the boutique approach.

For more on this:
- Here's a New York Times article