The (Phil)Gramm-Leach-Bliley Act

[underpants]

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process <1>. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.

http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

The act itself
http://banking.senate.gov/conf/

The Death of Wall Street -Part 1
http://www.marketoracle.co.uk/Article6272.html

After the Glass-Steagal Act was repealed in 1999 through the passage of the Gramm-Leach-Bliley Act, things began to get out of control. This removed the previous separation between commercial and investment banks established under the Glass-Steagal Act. However, it allowed so many of the shenanigans to occur from the dotcom bubble – handing IPOs to select clients and CEOs as a way to land banking and other business….I trust you remember recent history.

[redqueen]

1. "The U.S. Senate voted 90-8 today to approve S. 900, the Gramm-Leach-Bliley Act"

There were two votes? One in November and one in May?

http://banking.senate.gov/prel99/1104grm.htm



http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105



Whatever... it should have been vetoed.

[redqueen]

5. Okay the one in November was a conference report.

Can anyone explain what that is, and why it was so overwhelmingly supported, as opposed to the act itself?

[Skwmom]

6. The Republicans, including JOHN MCCAIN, plus one Democrat

voted for the act on the floor of the Senate. Biden vote NO! The bill was going to pass anyway but in conference the Democrats were most likely able to get some concessions in return for supporting the revised bill. McCain did not vote. Big deal because he voted YES on the floor of the Senate where it really counted.

At least, that's what it appears like to me.

[jpak]

2. and people warned of the consequences of this

funny how that works...

[Supersedeas]

7. where was the Maverick when this went down?

[PA Democrat]

3. Remind me again whose campaign employs Gramm as an economic adviser?

Couldn't be John McCain's, could it?

:mad: :mad: :mad: :mad: :mad: :mad:

[underpants]

4. Almost surely to be nominated as Treasury Secretary

or at least a very high level advisory position, like Richard Perle on the Defense Advisory Board ....and how did that work out?