Glass-Steagall Act

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Democrats Hammer GOP on Wall Street Ties

Pat Toomey's taking especially heavy fire

(Newser) - As the midterms heat up, expect to hear the words “Wall Street” a lot. Democrats are hammering Republicans on their ties to Wall Street, no matter how tangential, and on their party’s opposition to financial reform legislation, the LA Times reports. Republicans, meanwhile, speak angrily about bailouts and... More »

Congress Must Grill Bankers, Depression Style

US needs something like the combative Pecora Commission

(Newser) - In the wake of the 1929 stock market crash, bankers weren't just held accountable, they were humiliated. Writing for Vanity Fair , historian Alan Brinkley looks at the agent of that humiliation: the Pecora Commission, a nasty, combative affair. The brilliant cross-examiner Ferdinand Pecora grilled the likes of JP Morgan Jr.... More »

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets... More »

Europe Applauds Bank Crackdown; Markets Swoon

Bank shares hit hard by pledge to curb risk-taking

(Newser) - European leaders today lauded President Obama's plan to limit the size and risk-taking of the nation's banks, but stock markets worldwide were rattled. Asian markets fell sharply today and European markets opened down, following a 213 point drop in the Dow yesterday, its biggest 2-day loss since March. Europeans said... More »

McCain, Cantwell Join Forces to Break Up Banks

Unlikely duo sponsor bill to reinstate Glass-Steagall

(Newser) - John McCain, reconnecting with his inner maverick, has teamed up with liberal firebrand Maria Cantwell on a bill to break up Wall Street banks by reinstating the Glass-Steagall Act. The Depression-era law, dumped a decade ago, enforced a split between commercial banking and investment banking. The effort to bring it... More »

2 Probes Launched Into Bear Stearns Deal

Two Senate panels to investigate takeover

(Newser) - The controversial acquisition of Bear Stearns by rival JP Morgan Chase, aided by billions of dollars of government credit, is about to become one of the most scrutinized deals in Wall Street history. Two separate Senate investigations will soon be under way, one by the Banking Committee and another by... More »

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