'Fast Money' Recap: Remaking Wall Street

Dylan Ratigan hosted CNBC's "Fast Money" Monday night. He kicked off the show with a discussion of the market's negative action toward the news of the U.S. government's bailout plan to inject $700 billion into the financial sector.

Karen Finerman said there is a lot of concern on Wall Street because nobody knows how the government is going to implement the plan. She says there is a sneaking fear on the street of what happens if it doesn't work. "Is there anything else they can do?" she added. Tim Seymour says the dollar move last week wasn't real because it was just the deleveraging of the "carry trade."

Ratigan moved the talk to news that Goldman Sachs(GS Quote) and Morgan Stanley(MS Quote) received approval from the Federal Reserve to change their status to bank holding companies. Pete Najarian said Goldman and Morgan will now get their growth from gaining deposits. He says Goldman Sachs went down because it hasn't moved more in the direction of becoming bank like Morgan is.

Guy Adami said he is sad about what is happening at Goldman. "I don't think they can frankly exist as the way we use to know them," he said. Finerman says Goldman needs to buy a bank like Northern Trust(NTRS Quote) or Wilmington Trust(WL Quote).

Ratigan asked the traders what their expectations are for the rest of the week. Najarian said he expects volatility to remain above 30%. He says the market will go up or down 200 to 300 points a day all week. "You will see overreactions in both directions all week," he added.