Conflicts, conflicts everywhere; Commercial banks after Enron.(Was America wrong to scrap the laws that kept commercial and investment banking apart?)(Brief Article)
Economist (US), The, January, 2002
Was America wrong to scrap the laws that kept commercial and investment banking apart?
WHY did all the safeguards in American capitalism designed to stop fiascos such as Enron fail to do their job? One answer is that many of those institutions or individuals who could have blown the whistle faced conflicts of interest that may have compromised them. Dealing with these conflicts is likely to be a priority as politicians and regulators seek ways to prevent similar collapses.
One area of scrutiny will be the role of Enron's bankers, notably J.P. Morgan Chase and Citigroup. These two financial conglomerates exist in their current form, and provide the range of financial services they did to Enron, only because of the abolition of the Glass-Steagall act....
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