Banks are no longer just financing heavy industry. They are actually buying it up and inventing bigger, bolder and scarier scams than ever
By Matt Taibbi
Rolling Stones - February 12, 2014
Call it the loophole that destroyed the world. It's 1999, the tail end of
the Clinton years. While the rest of America obsesses over Monica
Lewinsky, Columbine and Mark McGwire's biceps, Congress is feverishly
crafting what could yet prove to be one of the most transformative laws
in the history of our economy – a law that would make possible a broader
concentration of financial and industrial power than we've seen in more
than a century.
But the crazy thing is, nobody at the time quite knew it. Most observers
on the Hill thought the Financial Services Modernization Act of 1999 –
also known as the Gramm-Leach-Bliley Act – was just the latest and
boldest in a long line of deregulatory handouts to Wall Street that had
begun in the Reagan years.
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