The Separation of Commercial and Investment Banking : the Glass--Steagall Act Revisited and Reconsidered

were most generous with incisive criticism and valuable suggestions, for which they deserve great thanks and no blame for what remains. Front Matter....Pages i-x Introduction....Pages 1-14 Sources and Contents of Information: Pre-Glass—Steagall....Pages 15-19 Evidence on the Risk of Losses....Pages 20-42 Conflicts of Interest and Abuses....Pages 43-122 Securities Services: Improper Banking....Pages 123-133 Restraints on Competition and Political Necessity as Explanations....Pages 134-138 Commercial Banks’ Federal ‘Safety Net’....Pages 139-162 Concern for Unfair Competition....Pages 163-172 Concentration of Power and Performance....Pages 173-178 Universal Banking....Pages 179-214 Other Reasons for Glass—Steagall....Pages 215-222 Back Matter....Pages 223-263 The latest in a series of studies in banking and international finance. This book deals with all aspects of the Glass-Steagall Act, and the relationship between the commercial banks and the investment banks.