Three dozen of these unregulated banks became the standard of modern banking and innovation across the globe.
The Democrats appear to finally realize that too-big-to-fail is a problem to be solved, not the foundation of a modern banking system.
Modern banking arose in the then relatively free cities of northern Italy.
Some refuse to use a bank for religious reasons: many Bangladeshis and Pakistanis do not have accounts because Islamic tenets conflict with modern banking practices.
Participants in the world of standards do sometimes approach their work with an intensity more often associated with medieval theological disputes than the world of modern banking.
Mr. Weill, who has been vilified as the Dr. Frankenstein of modern banking, didn't really say whether he wanted that particular law back. (He did later describe his proposal as something very close to Glass-Steagall).
Another modern law was best described by banking legend Walter Wriston, a great thinker who died a year ago.
Modern Latin American economic history is littered with the detritus of defaults, banking crises and currency controls.
With modern bank holding companies engaged in both the securities business and the commercial banking business (at its core taking deposits and making loans), how are the regulators going to mesh these laws together in their regulatory activities?
Mr Osborne hailed the banking reforms as "the most far-reaching... in modern history".
And, in the crisis of 2007-8, we learned something else about how modern banks can bring down themselves and the rest of us with them: in an interconnected banking world, it is uncertainty that can be the worst poison.
The modern company that inherited it, Garanti Bank, has funded its conversion into a stunning arts and banking archive known as SALT.
By the time the repeal was enacted, modern financial innovations had created so many loopholes in Glass-Steagall regulations that the distinction between commercial and investment banking could no longer be maintained.
FORBES: President Obama Offers A Repeat Of His Same Failed Policies
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