In September 1998, the Federal Reserve Board granted Citicorp a temporary waiver allowing its merger with Travelers Group, effectively circumventing the Glass-Steagall Act and Bank Holding Company Act. This strategic regulatory maneuver created Citigroup, the first ‘universal bank’ since …
Federal ReserveAlan GreenspanCiticorpTravelers GroupSandy Weill+4 morefederal-reservecitigroupglass-steagall-violationregulatory-waiversystemic-corruption+3 more
Citicorp and Travelers Group announce a $70 billion merger creating Citigroup, directly violating Glass-Steagall Act provisions separating commercial banking from insurance and securities activities. The Federal Reserve provides conditional approval based on the expectation that Congress will repeal …
The Federal Reserve Board continues its incremental erosion of Glass-Steagall Act restrictions, approving expanded securities underwriting capabilities for JP Morgan & Co. Following a 3-2 vote in 1987 to ease regulations, the Fed systematically reinterprets Congressional banking separation laws. …
Federal Reserve BoardAlan GreenspanJP Morgan & Co.Morgan Stanleycorporate-stock-underwritingjp-morganmorgan-stanleyglass-steagall-violationregulatory-capture+1 more