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The Comptroller’s Recognition of the Securities Powers of National Banks, 1982-2008  Part 1: The Road to Gramm-Leach-Bliley


Author:  Stanley I. Langbein.


Source: Volume 22, Number 06, July/August 2009 , pp.5-23(19)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

Over the past two decades, the Comptroller has recognized the power of banks to hold and deal in financial futures, options, and options on financial futures and ultimately to hold and make a market in various kinds of swap products’ rulings that have had far-reaching consequences long believed to be salutary, but which may have played an unfortunate role in precipitating the current period of financial distress.

Keywords: Glass-Steagall; Securities Underwriting; Derivatives; Bankers Trust; Commercial Paper

Affiliations:  1: University of Miami School of Law.

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