Abstract

Editorials
Hiro, Dilip | November 15, 1999 issue

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This article presents information regarding the merger of Citicorp Inc. and Travelers Corp. that set the stage for U.S. Congress's effective revocation of the Glass-Steagall Act in late October 1999. For their money, the finance industry bought not only the end of the Glass-Steagall Act but also the partial repeal of the Bank Holding Company Act. These landmark pieces of legislation, recognizing the inherent dangers of too great a concentration of financial power, barred common ownership of banks, insurance companies and securities firms and erected a wall of separation between banks and nonfinancial companies. Now the ban on common ownership has been lifted-and the wall separating banking and commerce is likely soon to be breached.

See Also:

CONSOLIDATION & merger of corporations; CITICORP (Company); TRAVELERS Cos. Inc.; LEGISLATION; SUBSIDIARY corporations; INSURANCE law; UNITED States
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