UBS was a pioneer in the post-Glass Steagall world, being one of the largest firms to successfully combine banking, investment banking, wealth management and money management operations. This all happened around 2000, one year after the Gramm-Leach-Bliley Act repealed Glass Steagall in 1999. You & Us was the ubiquitous tagline to mark the era. An [...]
Posts Tagged ‘Glass Steagall’
Top McCain Campaign Advisor In Middle of Foreclosure Crisis
Tonight MSNBC reported that former Senator Phil Gramm, campaign co-chair for presidential hopeful John McCain, was working for for UBS AG and against proposed foreclosure legislation that would help troubled homeowners keep their homes.
Regulators Grill Fed on Bear’s ‘Risky Business’
After two days of Congressional hearings exploring the Bear Stearns bailout, it’s bailout burnout. Lawmakers grilling those who brokered the $2-per-share Bear Stearns bailout during a long, strenuous weekend is not unlike the mom in Risky Business grilling her son Joel (Tom Cruise) about why her crystal egg got cracked while she was out of [...]
Roosevelt Regs Show Renewed Relevance
As market players and regulators sort through the credit crunch wreckage, there are two main questions: (1) Is the worst over for the markets? and (2) What regulatory actions are needed to prevent this from happening again? In the short time since the Fed helped JP Morgan Chase bail out Bear Stearns in an effort [...]
Paulson: Fed Will Only Back Markets In Crisis
Today Treasury Secretary Henry Paulson spoke at the US Chamber of commerce on ‘Current Financial and Housing Markets’. The full text of the speech is below. There are a few highlights. First, he said that the Fed’s announcement in the wake of the Bear Stearns bailout to allow investment banks to access Fed resources like [...]
