- Nov 26, 2011
- 123,817
- 59,898
- 2,290
FDIC: Failed Bank ListThe repeal of Glass-Steagall took place in increments. It was not repealed all at once. Some parts of Glass-Steagall were obsolete or impractical.
However, the CFMA (aka GLB) delivered the death stroke. It codified a protective circle around financial weapons of mass destruction (derivatives) from being regulated, and allowed commercial banks to risk depositors money in these instruments. And that was a fatal mistake.
and allowed commercial banks to risk depositors money in these instruments.
Which commercial bank failed (or would have failed) because of derivatives?
I think, as a group, they made money on them.