For many years financial businesses in the US were strictly regulated by the Glass-Steagal Act of 1933. It was intended to seperate investment banking from high street banking and to keep banks from venturing into areas such as insurance. It also allowed the Federal Reserve to regulate some aspects of banking.
In 1980 Jimmy Carter signed into law an act that removed much of the Federal Reserve oversight or banking. Most of the other restrictions were removed in 1999 by an act signed into law by Presisdent Clinton with bi-partisan support. One the restrictions were removed banks could get into areas of finance such as the mortgage backed securities thet ended up providing the funds for the "sub-prime mortgage" bubble that has caused all of our present troubles.
Interestingly, the repeal of Glass Steagal made US banking regulations more in line with those in effect in the EU. In fact allignment with EU policy was one of the arguments in favour of repealing Glass Steagal.
Really miffed. Bin surfing the web for vids of suits leaping from tall buildings and nuffin!!!!
Suppose they don't make greasy fat-cat slime-ball **** suckers like they used to. Fair enough if they want to die in a blizzard in the back of some German sports car, but at least share and broadcast so we call have a laugh.
Don't forget dudes; 'when you die the one with the most toys wins' Jacob Marley
âThe American, known only as Blue, worked in the human resources departmentâ
Thatâs PC bolloxs for âPersonnelâ, i.e. hire and fire and general swanning around pretending your bog doesnât need air freshener.
âI don't know what I'm going to do. We may have to postpone the wedding or cut it down. It's a very difficult time.â
Ah, never mind babe. Sorry you canât hire a Caribbean island for your wedding. âEre you are, 020 8871 6000, Wandsworth Town âall, 30 notes a head, then round to the Brewery Tap for a bevvy.
âshe one of the company's 4,500 UK based staff suddenly facing the sackâ
but âPricewaterhouseCoopers has said it [Lehmanâs]does not have the Â£42million needed to meet the bank's wage billâ
So, Â£42M divided by 4â500 staff equals Â£9â333 per person per month â x 12 is Â£111â996 per person per year. Just a average of arithmetic mean, and some will get less and some get more, but, even poor Blue should be able to afford the Town âall. Of course, what happened to last years bonearrse????
ps. when you left I hope you didnât forget all those pieces of paper on the wall by your deskâ¦â¦â¦after all, as everyone knows youâre not worth a sh1t without pieces of paper