He was, in fact, the driving force behind the final 1999 repeal of Glass Steagall.
Solomon does not believe it is necessary to bring back Glass-Steagall to achieve this end.
The Glass-Steagall Act once prevented such combinations, but recently Congress has eased the restrictions.
Calling for the re-enactment of the Glass-Steagall Act is the new black on Wall Street.
Weil, who turned Citi into massive financial empire, denounced the repeal of Glass-Steagall last year.
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Mr Obama's proposals appear to be a return to the principles underlying the Glass-Steagall Act.
Glass-Steagall had kept regulation and FDIC insurance quarantined to a small part of the financial markets.
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Glass-Steagall, the law enacted after the Great Depression commenced, was slain back in 1999.
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Repealing Glass-Steagall removed the barriers between traditional and investment banking, placing everything under congressional rules and regulations.
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The banking industry spent 60 years chipping away at Glass-Steagall and finally got it repealed in 1999.
Even so the suspension, and the dramatic reshaping of Wall Street, represents the final repeal of Glass-Steagall.
The result will look more like the 1930s Glass-Steagall act in America than many British bankers had hoped.
Without Glass-Steagall quarantining traditional banking, the government incentives and rules were expanded and spread to the entire financial system.
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Balance sheet sequestration could be structured like a voluntary Glass-Steagall firewall erected across the books of any participating company.
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Wall Street is worried that Congress will impose new regulations along Glass-Steagall lines to stop underwriting firms selling research.
Glass-Steagall was finally abolished in 1999 because it had already, in practice, been side-stepped by banks and investment houses.
Mr. Weill was then asked if he meant that we should reinstitute Glass-Steagall.
There are, on the other side of the Pond, myriad calls for something like Glass Steagall to be brought back.
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These are the reasons why Democrat President Bill Clinton joined with overwhelming bipartisan majorities in Congress to repeal Glass-Steagall.
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Cynics suggest that Congress is only doing away with Glass-Steagall now because it has already been well and truly bypassed.
However, the supporters of the repeal argue that it was really a first step towards modernising a system which had outgrown Glass-Steagall.
Perhaps after all these decades, he now supports the return of Glass-Steagall.
To prevent it from ever happening again, in 1933 Congress passed the Banking Act of 1933, better known as the Glass-Steagall Act.
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But talk of a new Glass Steagall Act misses the point: this scandal goes well beyond the risks run with insured deposits.
Whereas, the Glass-Steagall Act unfairly limited them to retail and commercial banking.
Merrill was one of the leading campaigners for the abolition of the Glass-Steagall act that kept investment banks out of commercial banking.
Indeed, one could make the case that those who prescribe Son of Glass-Steagall to cure our financial ilss have the diagnosis exactly backwards.
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Political propagandists try to argue that the bipartisan repeal of the New Deal era Glass-Steagall Act in 1999 contributed to the financial crisis.
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The repeal of hopelessly outdated Glass-Steagall eased the financial crisis, by enabling commercial bank holding companies to purchase and rescue failing investment banks.
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It also encouraged commercial banks into the securities business, triggering the eventual abolition of the Glass-Steagall law that had kept the two apart.
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