INVESTMENT BANKING AND COMMERCIAL BANKING - AND COMMERC
INVESTMENT BANKING AND COMMERCIAL BANKING - INVESTMENTS ALPHA.
Investment Banking And Commercial Banking
Wall Street - April 1999
September 22, 2008
(from today's Guardian, in the UK)
The concept of a Wall Street investment bank was in its death throes today as Morgan Stanley and Goldman Sachs succumbed to a collapse in confidence in their financial stability by converting themselves into lower risk, tightly regulated commercial banks.
Beset by plunging share prices and alarmed by the demise of competitors, the two remaining standalone Wall Street banks accepted licences from the Federal Reserve which allow them to take deposits from the public backed by federal government guarantees.
While safeguarding customers' money, the change will radically restrict the firms' activities by imposing strict regulatory limits on the risks their traders can take on the markets and on the amount of money they can borrow.
Demonstrator at Occupy Wall Street encampment holds up sign demanding the reinstatement of the Glass Steagall Act, the Roosvelt era legislation, repealed under the Clinton Administration, that required investment banks and commercial banks to operate separately. Its repeal is often cited as a reason for the housing bubble.
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