• Ellen

    What is the Glass Steegel act anyway’s? Do I really need to know about this?

    The manageing partner was talking about this, but I was NOT abel to discus it with him. But he had bad breathe today anyway, so that is OK that I did NOT talk to him.

    I think I will have to get smart on this b/c he is interested in the protests.

    • Alan T.

      My guess is that, if Bitter Lawyer ever started correcting your typos, you’d stop posting. It’s so painfully obvious that it’s intentional, and that act got stale long ago.

      As for Glass-Steagall, just Google it, or just hit the link BL provided. It effectively deregulated portions of the banking industry and led to the whole notion of “too big to fail” by allowing banks to own and operate investment companies and entities.

      • http://www.facebook.com/joe.fay Joe

        It was actually the repeal of part of the Glass-Steagall act in 1999 that allowed banks to own other investment vehicles. And its arguable that that was what caused the too-big-to-fail phenomenon. Certainly the federal government guaranteeing risky mortgages allowed a lot of the securitizing that led to the current crisis. And with regard to anything being too big to fail, that could have been addressed with the anti-trust acts instead of bailing them out and setting us up for the same mess again down the road.

        • Ellen

          Thank you, Joe. You sound very smart. I took Anti-Trusts in law school, and we studied all about Entenmen’s bakery and Fryhoffer’s bakery. It was very interesting even though I could NOT decide which chocalate chip cookies were BETTER.

          The manageing partner at my firm loves Entenmen’s and I love Fryhoffer’s.