Financial_Crisis英文.pdfVIP

Chapter 1 or 3 THE END OF THE STAND-ALONE INVESTMENT BANKING INDUSTRY Until 1999, the Glass-Steagall Act had prohibited U.S. banks from both accepting deposits and underwriting securities. In other words, it forced a separation of the commercial and investment banking industries. But when Glass-Steagall was repealed, many large commercial banks began to transform themselves into “universal banks” that could offer a full range of commercial and investment banking services. In some cases, commercial banks started their own invest