March 24, 2009 - Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s.
Responses:
This act was an effort to stop "red lining" where banks simply put branches in wealther neighborhoods to attract depositors and ignored low income areas. In the wealthier neighborhoods deposits remained in the bank so that banks could use them for loans and create more capital. In poorer neighbors, because depositors needed their money for basic cost of living, there were more turnovers of deposits and lower amounts of deposits available to make loans in those neighborhoods. This act was intended to get banks to shift blocls of capital into the lower income neightborhoods inorder to provide minorities access to loans for cars, homes, businesses, etc. ... Actually it was the Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, (November 12, 1999) that has resulted in today's problem. This Act repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services. ... ... The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process . The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry. ... The act was passed with 53 Republican Senators plus one Democrat - AYE and 44 Democrats no Republicans - NAY- I like to think the problem started with Johnson and the great society
- CRA for the People= CRAP ... ... :o)
The family who plays together, stays together, now, lets just hope they get to play/stay in prison together. ... There is plenty of blame to go around and they knew exactly what they were doing. ... I noticed this in 2002, while making a property purchase, when I noticed all these kids right out of college buying mini-mansions and expensive toys. I asked about it and was told that I would be shocked as to how many of them were only one paycheck away from bankruptcy. I said Oh, S! You have got to be kidding me? I am no genius but even I could see this coming and so did they. I was worried, they were worried and said there was nothing they could do as long as they could jump through the hoops. This had already been going on for quite some time but I did not realize the scope of it until then.
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What is the big commotion about Monavie?
Does Primerica help people who have bad credit to become debt free and financially independent?
