The flexibility of an IB charter has made it an attractive vehicle for some large and well-known corporations. IBs offer a versatile depository charter for companies that are not permitted to, or that choose not to, become subject to the limitations of the Bank Holding Company Act or the Glass Steagall Act.
So in the short they are used to short cut the law and not play by the rules.!!! I have no problem with closing them down!!
11 posted on 06/19/2009 5:13:47 PM PDT by org.whodat