Glass-Steagall
I thought the GLB-act supposedly killed Glass-Steagall.
“I thought the GLB-act supposedly killed Glass-Steagall.”
Citigroup had been operating in violation of Glass-Steagall for a number of years. Graham-Leach-Bliley made it legal, made the death of G-S official.
It did. What’s missing here is the fact the Travellers deal went through first. So, glass-steagall had to go, pronto, since it was obviously not lawful for that kind of deal to go through in the first place. Congress likes to do stuff like this. Just a few hundred thousand greasing the right palms and one of the most important depression era regulations was expunged. In part this directly lead to the final collapse of the American economy.
“I’m sorry” is acceptable for a mistake.