Read the full text of the Glass-Steagall Act, (a.k.a. the Banking Act of 1933, from the archives of the Federal Reserve Bank of St. Louis). This Act protected the U.S. financial system from its passage in 1933 to its repeal under the Bill Clinton administration in 1999. Just nine years after the Act was repealed, the U.S. experienced the worst financial collapse at the hands of Wall Street since the Great Depression. The Federal Reserve has been bailing out the Wall Street megabanks in various ways since December 2007. The restoration of the Glass-Steagall Act, which would mandate a separation of federally-insured banks from the trading casinos on Wall Street, is an essential component of restoring long-term financial stability to the U.S. financial system.
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Recent Posts
- Congress Sweats the Small Stuff as Four Wall Street Mega Banks Have a Combined $3.3 Trillion in Uninsured Deposits
- Weird Things Are Happening at Silvergate Bank and First Republic Bank
- As Senate Banking Committee Convenes Hearing on Exploding Banks, an FDIC Chart Shows the Banking Crisis Is Far from Over
- The Banking Crisis Knock-On Effect Has Been a Stampede into Government Money Market Funds – Foiling the Fed’s Effort to Raise Market Interest Rates
- Powell and Yellen Say the Banking System Is Sound as Another Global Bank Teeters
- Citigroup’s Citibank Took the Largest Amount of Loans from the FHLB of NY in 2022, Reminiscent of FHLB Loans Taken by Silvergate, SVB, Signature, and First Republic Bank
- At Year End, JPMorgan Chase Held Over $1 Trillion in Uninsured Deposits Versus $119 Billion at First Republic
- UBS Was Quietly Bailed Out in 2008; Now It’s Getting a $173 Billion Backstop to Buy Credit Suisse at 82 Cents a Share
- JPMorgan’s High Risk Footprint; Bloomberg News as PR Agent for Jamie Dimon; and the Untold Story of the Failed “Rescue” of First Republic by the Mega Banks
- The Next Bomb to Go Off in the Banking Crisis Will Be Derivatives
- Moody’s Downgrades Entire U.S. Banking System; Credit Suisse Plummets. Welcome to Banking Crisis 3.0
- Two Fed-Supervised Banks Blew Up Last Week; Two More Dropped Over 40 Percent Yesterday; and the Fed Wants to Investigate Itself — Again
- Silicon Valley Bank Was a Wall Street IPO Pipeline in Drag as a Federally-Insured Bank; FHLB of San Francisco Was Quietly Bailing It Out
- Bank Stocks Plummet as Bank Runs in the U.S. Gain Momentum at Federally-Insured, Non-Traditional Banks
- FDIC Investigators Are on the Premises of Collapsing Federally-Insured, Crypto Related Bank, Silvergate: It’s Not a Friendly Visit
- Over the Past Year, Inflation Eroded Your Purchasing Power while the Stock Market Ate Away Your Investment Gains
- Jamie Dimon Is Fighting a Deposition in a Devastating Lawsuit Charging JPMorgan With Being the Cash Conduit for Jeffrey Epstein’s Sex Crimes
- Silvergate, a Federally Insured Bank, Just Blew Up from Ties to Crypto
- Two Indicted Masterminds of the FTX Fraud Were Clients of Big Law Firm Sullivan & Cromwell
- Goldman Sachs Is Being Sued for 27 Separate Stock Offerings It Underwrote
- The Same Day Sam Bankman-Fried Is Hit with a New Count of Bank Fraud, Three Regulators Warn About Crypto Bank Runs
- Judge John Dorsey Has Effectively Privatized Justice in the FTX Bankruptcy Case
- These Charts Scared the Stock Market into a 700-Point Drop Yesterday
- Credit Suisse Tanks to New Intraday Lows as Wall Street Mega Banks Mysteriously Shake Off the Contagion Effect
- From Jeffrey Epstein to Sam Bankman-Fried to Madoff – JPMorgan Banks the Creepy Crooks
- FTX Bankruptcy Judge to Rule Today on an Independent Examiner – After 76 Days of Delay
- Crypto on Tap Today at Senate Banking Hearing: Two of Three Witnesses Will Push Nutty Ideas
- Sam Bankman-Fried, BlockFi and Sullivan & Cromwell: A Viper’s Nest of Conflicts and Intrigue
- Credit Suisse Tanks Yesterday to $3.02; It’s Lost Over 90 Percent of Its Market Value Since 2007; It’s Not Alone
- FTX Bankruptcy Lawyers Channel their Inner Sam Bankman-Fried – Bill $21,000 for their Meals Over Just 20 Days
- There Are Very Strange Things Going On at Goldman Sachs
- Bombshell Emails Raise Questions about What Sullivan & Cromwell Knew about Fraud at Sam Bankman-Fried’s Crypto Firms
- Charlie Munger’s OpEd in the WSJ Is Spot On About Banning Crypto; But Calling It “Gambling” Fails to Capture Its Dangers
- 18 States Send a Message to FTX Bankruptcy Judge John Dorsey: We’re Watching You
- A Document Implicating Powerful People Is Blocked from Public Viewing in Sam Bankman-Fried Criminal Case
- Sullivan & Cromwell’s Crypto Clients Are in Growing Distress
- Add 4,281 Hedge Fund Clients to What Makes JPMorgan Chase the Riskiest Mega Bank in the U.S.
- Numerous Big Law Firms Had Zero Ties to Sam Bankman-Fried; So Why Did John Ray Hire Two Deeply Conflicted Law Firms?
- Serious New Issues Emerge in Sullivan & Cromwell’s Deeply Conflicted Role in the FTX Bankruptcy Case
- A Federal Agency Wants to Hear Directly from the Public about Bad Practices at Credit Card Companies
- The U.S. Congress Twiddled Its Thumbs on Crypto while 10 Countries Banned It and 42 Others Placed Heavy Restrictions
- Bankruptcy Judge in Manhattan Rules that Crypto Customers Lost Ownership of $4.2 Billion When They Deposited It into “Earn” Accounts
- FTX Bombshell: Former FTX Lawyer, Daniel Friedberg, Alleges Fraud by Sullivan & Cromwell in Court Filing Today
- In 16 Years, the Fed Has Approved 4,506 Bank Mergers and Denied One
- Four Crypto-Friendly Banks Are Being Bailed Out with Billions from a Federal Housing Program
- A Sam Bankman-Fried Company Loaned or Invested More than $1 Billion in Clients of its Law Firm, Sullivan & Cromwell
- The Narrative Is that Two Women Under 30 Committed Fraud without Detection by Sophisticated Wall Street Law Firms
- FTX Bankruptcy Proceedings Thus Far Show a Shocking Miscarriage of Justice
- Bankruptcy Law Expert, Senator Elizabeth Warren, Asks FTX Bankruptcy Judge to Boot Sullivan & Cromwell from the Case
- Sullivan & Cromwell, FTX Lead Counsel in Bankruptcy, Says It Has No Adverse Relationships, Despite Representing Four of FTX’s Crypto Exchange Competitors