MasterJaguar01
Posts: 2340
Joined: 12/2/2006 Status: offline
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quote:
ORIGINAL: MrRodgers quote:
ORIGINAL: HunterCA Oh wait, when did it, or was it allowed to market stuff like securities? On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination and distribution business (Continental Illinois had extensive leveraged lending relationships) which allowed the firm’s existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise.[29][30] In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco-based investment bank specializing in high technology for $540 million. Robertson Stephens was integrated into BancAmerica Securities and the combined subsidiary was renamed BancAmerica Robertson Stephens.[31] Hum, 1997. Who ran the administration then I wonder? Let me get this straight, Clinton is to be blamed because he acquiesced to repub bills and 'finally' deregulated banking in signing the modification to Glass-Steagall ? Also, even with that, none of your last 3 posts incriminate either Clinton or the banks on being allowed 9 years later to create fraudulent shit paper (nine years of further deregulation) allowing such blatant corruption and fraud. It is you again who really wants to have it both ways. Deregulate, don't fund or set the SEC onto them, then see almost free capital created (FED) a real estate bubble, standby while trillion$ are lost on shit paper. Furthermore, it was W who quite purposefully used an obscure 1863 OCC law to STOP ALL 50 state's attys' general from stopping the fraud. You go back and blame Clinton for doing everything the repubs and their greedy scum sponsors had been asking for, for all of these years and finally obtained including the mergers which after TARP has the remaining 6 with more assets and greater risk than pre-TARP. Even now the repubs refuse to regulate and as a result, I understand the taxpayers are STILL on the hook for banks...too-big-to-fail. I guess hey, we can all blame Obama because after all...he is a dem pres. Righteous man...real good. I, like Clinton (Bill, not Hilary)... But, acquiesce he did. http://www.presidency.ucsb.edu/ws/?pid=56922 Not only did Gramm-Leach-Billey allow Banks and Insurance companies to merge, it also enshrined a continuation of CRA into the mix. He was willing to acquiesce to the corporatist wing of the Republican party (basically everyone), in order to keep CRA in the mix. One bad policy for another. As for MBS's... That had been going on for years... I worked at a bank that was doing that in the early 90's. I wrote the software that collected app data and sent it to an AI system for loan underwriting. They wanted to process loans like an assembly line and package them in MBS;s. It ramped up quite a bit as CRA ramped up. I am with you on the 9 years of deregulation. (The Republican mantra), but can you point to a particular piece of deregulation (beyond GLB) that contributed to the economy tanking? Keep in mind, the paper was shit, because the loans were shit. The banks lied about it. Henry Paulson was protecting the banks, sure. Bush certainly didn't stop it until it was too late.
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