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PPT : Investment Banking and Secondary Markets

The modern concept of “Investment Bank” was created in the Glass-Steagall act (Banking Act of 1933). Glass Steagall separated commercial banks, investment banks, and insurance companies.
* Carter Glass, Senator from Virginia, believed that commercial banks securities operations had contributed to the crash of 1929, that banks failed because of their securities operations, and that commercial banks used their knowledge as lenders to do insider trading of securities.

Investment Banks
* Bulge bracket firms: First Boston, Goldman Sachs, Merrill Lynch, Morgan Stanley, Salomon Brothers, Lehman Brothers.
* Traditionally were often partnerships, but partnership form is disappearing.

Controversy over Glass Steagall
* Prof. George Benston showed that unregulated banks have lower failure rate.
* Other countries (Germany, Switzerland) have always allowed universal banking
* In 1990s, regulators nibbled away at Glass Steagall by allowing commercial banks to engage in certain securities operations
* President Clinton November 1999 signs Graham-Leach Bill which rescinded the Glass-Steagall Act of 1933.
* Consumer groups fought repeal of Glass-Steagall saying it would reduce privacy. Graham-Leach calls for a study of the issues of financial privacy

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