Okay, so this isn’t fair since Global Finance Magazine’s Sept. issue went to bed before the Sept. economic crisis.

But in its annual ranking of the “Best Investment Banks of 2008,” the magazine noted: “The past 12 months have been some of the most difficult ever for investment banks, but many institutions continue to provide outstanding services to their clients.”

That subhead deserves to be nominated in the category of “Biggest Understatement in a Magazine in 2008.”

Except that the article may be nominated in the “Ironic Rankings List” for 2008. In the Best Equity Bank, Global, the winner was Merrill Lynch…um, Bank of America’s Merrill Lynch unit.

BofA’s ML also won Best Equity Bank, North America and Best Bank, U.S. (and Argentina!), as well as in three industry sectors (though not real estate).

The formerly independent Goldman Sachs and Morgan Stanley also won honors in the sectors’ list.